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FuboTV and FaceBank to combine operations
Posted on Tuesday, 24 March 2020 10:34
FaceBank Group, a leading celebrity and sports focused virtual entertainment company, and live television streaming platform FuboTV have agreed to merge to create a leading digital group offering cord-cutters a premium viewing experience across a global distribution network.
Terms of the deal were not disclosed, although completion is expected to occur before the end of the month, subject to certain customary conditions.
Bloomberg observed that FaceBank had obtained a USD 110.00 million credit line for the transaction and FuboTV has raised USD 250.00 million in funding, plus USD 25.00 million in debt to date.
The plan is to list the new group on Nasdaq as soon as possible and comes as people are urged to stay home and watch TV instead of going out during the coronavirus crisis.
Together the business will be named FuboTV and will be led by David Gandler, the current chief executive of the company by the same moniker.
Immediately following the merger, the streaming company will become a wholly-owned subsidiary of FaceBank, which will change its name.
The new group will be headquartered in New York, with additional details to be released regarding the firm’s management structure and the board of directors.
A merger combines FuboTV’s direct-to-consumer live TV streaming platform for cord-cutters with FaceBank’s technology-driven Internet-protocol in sports, movies and live performances.
The combination will position the TV streaming platform to continue its global expansion with the entertainment group’s Nexway ecommerce and payment platform, which has a presence in 180 countries, accepting payments in 140 currencies.
Gandler said: “With our growing businesses in the U.S., and recent beta launches in Canada and Europe, fuboTV is well-positioned to achieve its goal of becoming a world-leading live TV streaming platform for premium sports, news and entertainment content.
“In the current COVID-19 environment, stay-at-home stocks make perfect sense - we plan to accelerate our timing to uplist to a major exchange as soon as practicable. We look forward to working with John and his team of creative visionaries.”
Founded in 2015, FuboTV is a soccer streaming service that has evolved into a live TV streaming platform with more top Nielsen-ranked sports, news and entertainment channels for cord-cutters than any other live platform.
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