Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Breaking News

U.S. Jobless Claims Remain Low Following Prior Week’s Plunge

FuboTV to merge with FaceBank; sources say values FuBoTV at $700 million

Stock MarketsMar 23, 2020 05:35PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Krystal Hu

(Reuters) - Streaming provider FuboTV said on Monday that it had agreed to merge with virtual entertainment firm FaceBank Group Inc (PK:FBNK) to expand its over-the-top TV footprint, in a deal that sources said valued privately held FuboTV at about $700 million.

It is a rare example of a merger clinched amid the market turmoil and economic uncertainty fueled by the coronavirus pandemic. More people staying at home during the outbreak will be a boon to the combined company, FaceBank's chief executive, John Textor, said in an interview.

"FuboTV is one of those companies that we see is likely to do well in this environment," Textor said. "Their content and the offerings are considerably less expensive than the cable options."

FaceBank has a market capitalisation of more than $200 million and is controlled by Textor and FaceBank's chairman and fellow co-founder, Alexander Bafer.

FaceBank also raised $100 million from its shareholder group to support future expansion, according to company filings. The combined company will be led by FuboTV CEO David Gandler.

Founded in 2015, FuboTV has raised over $250 million from media companies including AMC Networks, Discovery Inc, Walt Disney (NYSE:DIS) Co and Viacom Inc. It has about 300,000 to 400,000 paid subscribers, according to one of the sources.

FuboTV started as a sports-focused streaming service and has been expanding to news and entertainment as it adds channels like CBSN, The CW and Pop. Last year, it launched free and ad-supported streaming channels in addition to a paid subscription.

FaceBank is a developer of hyper-realistic characters and digital humans by emerging technologies, like virtual reality, augmented reality and artificial intelligence. Last year, it bought Nexway AG, an e-commerce and payment platform with footprint in 180 countries.

FaceBank said it started to work with FuboTV on the all-stock deal in January and expects to close it by the end of this month. FuboTV plans to leverage FaceBank's distribution for international expansion and develop more strategic partners like Google (NASDAQ:GOOGL) and American airlines, as it faces off against a growing mix of over-the-counter TV competitors that include AT&T, DirecTV, Hulu, YouTube TV and Sling TV, FaceBank said.

 

FuboTV to merge with FaceBank; sources say values FuBoTV at $700 million
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email