Financial Data and Key Metrics Changes - FuboTV ended Q3 2025 with 1.63 million paid subscribers in North America, a 1.1% increase year over year, marking the highest-ever third-quarter subscriber count [6][10] - Total revenue for Q3 was $369 million, down 2.3% year over year, with North America contributing $368.6 million and international operations contributing $8.6 million [6][10] - Net loss was $18.9 million, or $0.06 per share, compared to a loss of $54.7 million, or $0.17 per share in the prior year [11] - Adjusted EBITDA was positive $6.9 million, representing a year-over-year improvement of over $34 million, marking the second consecutive quarter of positive adjusted EBITDA [11][12] Business Line Data and Key Metrics Changes - Advertising revenue in North America totaled $25 million, down 7% year over year, primarily due to the absence of certain ad insertable content [10] - The Fubo Sports Skinny service contributed to record trial conversions and added lower-priced access to top sports content [7][8] - The Fubo Channel Store expanded offerings, integrating third-party premium services, which simplified viewing and increased engagement [7] Market Data and Key Metrics Changes - Demand indicators for advertising remain constructive, with upfront commitments for the 2025-2026 cycle up over 36% year over year [10] - Non-video ad formats grew over 150% year over year, indicating a shift towards more engaging ad experiences [11] Company Strategy and Development Direction - The combination with Hulu + Live TV positions FuboTV as one of the largest live TV streaming services in America, with nearly 6 million subscribers [5][9] - The company aims to expand choice and flexibility for consumers, focusing on programming efficiencies, ad tech uplift, and deeper personalization [8][9] - FuboTV is committed to building a consumer-first streaming service that delivers more live action and superior value [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future, highlighting unprecedented opportunities following the business combination with Hulu + Live TV [8][9] - The company is focused on achieving profitability goals while maintaining a disciplined approach to marketing and subscriber acquisition costs [20][22] - Management noted that the advertising relationship with Disney is expected to enhance revenue potential significantly [17][34] Other Important Information - The company reported a significant reduction in marketing spend during a competitive sports quarter, reinforcing its path toward profitability [6][12] - FuboTV's international strategy remains a core focus, with plans to leverage Disney's international streaming services for growth [43][44] Q&A Session Summary Question: Advertising content removal impact - Management noted the removal of Univision and other content affected ad revenue comparisons, but normalized ad revenue would have been up modestly year over year [16] Question: Differentiating factors post-transaction - Management emphasized the lack of overlapping customers between FuboTV and Hulu + Live TV, allowing for a broader range of programming options [18] Question: Cost reductions in sales and marketing - Management highlighted a 68% increase in net ads year over year while decreasing marketing spend as a percentage of revenue by 21% [20][22] Question: Skinny Bundle subscriber dynamics - Management reported strong performance of the Skinny Bundle with no significant cannibalization from existing tiers, expanding the addressable market [24][25] Question: Future growth and profitability - Management expressed optimism about Fubo's growth potential, leveraging the Disney ecosystem and improving programming efficiencies [30][34][36]

Financial Performance - Total revenue in North America for Q3 2025 was $368.6 million, with 1.63 million paid subscribers, marking the highest-ever third quarter subscriber count [2]. - The company reported a net loss of $18.9 million in Q3 2025, an improvement from a net loss of $54.7 million in Q3 2024 [11]. - Adjusted EBITDA for Q3 2025 was $6.9 million, representing a $34.5 million improvement year-over-year [13]. - Total revenues for the three months ended September 30, 2025, were $377,195, a decrease of 2.8% compared to $386,207 for the same period in 2024 [35]. - Subscription revenue was $350,338, down from $356,575, while advertising revenue decreased to $25,386 from $27,054 [35]. - The operating loss narrowed to $(20,150) for the three months ended September 30, 2025, compared to $(58,632) for the same period in 2024 [35]. - Net income attributable to common shareholders for the three months ended September 30, 2025, was $(18,866), an improvement from $(52,423) in the same period of 2024 [35]. - Adjusted EBITDA for the three months ended September 30, 2025, was $6,924,000, compared to $(27,562,000) for the same period in 2024, indicating a significant improvement [49]. - Adjusted EBITDA Margin for September 30, 2025, was 1.8%, up from -7.1% in September 2024, reflecting enhanced operational efficiency [49]. - Net income (loss) from continuing operations for the three months ended September 30, 2025, was $(18,866,000), compared to $(54,259,000) in the same period of 2024, showing a reduction in losses [54]. - Adjusted EPS from continuing operations for the three months ended September 30, 2025, was $0.02, compared to $(0.08) in September 2024, indicating a positive shift in earnings per share [54]. - For the trailing twelve months ended September 30, 2025, Adjusted EBITDA was $17,471,000, a recovery from $(127,508,000) in the previous year [50]. Subscriber Metrics - The number of paid subscribers is a key performance metric, reflecting the size of the user base, with only those who have activated a payment method counted [40]. - The business combination with Hulu + Live TV created the sixth-largest Pay TV service in the U.S., with nearly 6 million subscribers [4]. - Total revenue in North America for Q3 2025 was $368.6 million, with 1.63 million paid subscribers, marking the highest-ever third quarter subscriber count [2]. Cash Flow and Assets - Free Cash Flow in Q3 2025 was -$9.4 million, a decrease of $8.3 million compared to Q3 2024 [16]. - Cash and cash equivalents increased to $274,150 as of September 30, 2025, compared to $161,435 at December 31, 2024 [37]. - Total assets grew to $1,198,855 as of September 30, 2025, up from $1,077,428 at December 31, 2024 [37]. - The company reported a net cash provided by operating activities of $120,269 for the nine months ended September 30, 2025, compared to $(99,314) for the same period in 2024 [38]. - The company reported net cash provided by operating activities of $141,119,000 for the trailing twelve months ended September 30, 2025, compared to $(96,534,000) in the prior year, indicating improved cash generation [53]. Expenses and Legal Costs - Total operating expenses for the three months ended September 30, 2025, were $397,345, a reduction of 10.7% from $444,839 in the prior year [35]. - Stock-based compensation for the three months ended September 30, 2025, was $9,101,000, slightly down from $9,324,000 in the same period of 2024 [54]. - The company incurred $32,600,000 in certain litigation and transaction expenses for the trailing twelve months ended September 30, 2025, compared to $19,598,000 in the previous year, reflecting increased legal costs [50]. Advertising Revenue - North America advertising revenue for Q3 2025 was $25.0 million, reflecting a 7% decline year-over-year [18]. - Revenue from innovative non-video ad formats increased by 152% year-over-year in Q3 2025 [20]. Shareholder Information - The company ended Q3 2025 with 342,664,855 shares of common stock issued and outstanding [17]. - The weighted average shares outstanding for the three months ended September 30, 2025, was 342,504,107, compared to 331,582,813 in the same period of 2024, indicating a slight increase in share count [54].

Core Insights - Fubo and Hulu Live TV have officially merged, creating a significant player in the streaming market with nearly 6 million subscribers, making it the sixth-largest Pay TV provider in the U.S. [1][2] - The merger has received approval from the Justice Department's Antitrust Division, allowing the companies to proceed without regulatory hurdles [3]. - The integration of Fubo's sports offerings with Hulu's entertainment library will provide access to over 55,000 live sporting events annually, enhancing the value proposition for subscribers [4]. Company Structure and Financials - Disney will hold approximately a 70% interest in the newly combined entity, while existing Fubo shareholders will retain around 30% [6]. - The combined company will have access to a $145 million term loan from Disney, which is set to be provided to Fubo in 2026 as part of the transaction [6]. Market Impact and Offerings - The merger is expected to reshape market competition by reducing the number of independent streaming players, positioning the new entity directly against competitors like YouTube TV, which has around 10 million subscribers [2][3]. - The companies plan to offer flexible subscription options, including smaller "skinny" bundles and more comprehensive packages, while maintaining separate access to both platforms [5].

Core Insights - Fubo and Hulu Live TV have officially merged, creating a significant player in the streaming market with nearly 6 million subscribers, making it the sixth-largest Pay TV provider in the U.S. [1][2] - The merger has received clearance from the Justice Department's Antitrust Division, allowing the companies to proceed without regulatory hurdles [3]. - The integration of Fubo's sports offerings with Hulu's entertainment library will provide access to over 55,000 live sporting events annually, enhancing the value proposition for subscribers [4]. Company Structure and Financials - Disney will hold approximately a 70% interest in the newly combined entity, while existing Fubo shareholders will retain around 30% [6]. - The combined company will have access to a $145 million term loan from Disney, which is part of the transaction agreement [6]. Market Impact and Offerings - The merger reduces the number of independent streaming players, intensifying competition in the market, particularly against YouTube TV, which has around 10 million subscribers [2][3]. - The new entity plans to offer flexible subscription options, including smaller "skinny" bundles and more comprehensive packages, while maintaining separate access to both platforms [5].

Core Insights - Walt Disney Co. has finalized its acquisition of a majority stake in FuboTV, merging its Hulu + Live TV service with Fubo, creating the sixth largest pay-TV company in the U.S. with nearly 6 million domestic subscribers [1][2]. Company Overview - The financial terms of the deal were not disclosed, but the combined entity will operate under a nine-member board led by Brad Bird, former chairman of Walt Disney International [3]. - The merged services will continue to be offered separately through their respective apps, maintaining the brand identities of Fubo and Hulu + Live TV [3]. Legal Context - The acquisition follows a lawsuit filed by Fubo against Disney and other media companies regarding a proposed streaming joint venture, Venu Sports, which Fubo claimed would harm its business [4][5]. - A judge blocked the development of Venu due to anti-trust concerns, and Disney's acquisition of 70% of Fubo resolved this litigation [5]. Management and Strategy - The combined business will be led by Fubo's CEO David Gandler, who co-founded the service, along with Fubo's existing management team [5]. - Gandler emphasized the goal of creating a consumer-first streaming platform that enhances choice and drives profitability [5]. Financial Support - Fubo will have access to a $145 million term loan provided by Disney, and its ad sales team will integrate with Disney's sales organization [6]. - Fubo's stock will continue to be publicly traded under the FUBO ticker, with existing shareholders holding about 30% of the company [6].

Core Viewpoint - FuboTV's stock price surged following the completion of its merger with Disney's Hulu+Live TV, positioning the combined entity as the sixth-largest pay-TV company in the U.S. [1] Group 1 - FuboTV's stock rose over 23% in pre-market trading and was up more than 8.9% at $3.97 at the time of reporting [1] - The merger will allow the company to continue offering both Fubo and Hulu + Live TV services, providing a variety of streaming plans at different price points [1]

Core Insights - FuboTV's stock price surged, with a pre-market increase of 23%, and is currently up over 8.9% at $3.97 [1] Company Developments - FuboTV has completed a business merger with Disney's Hulu+Live TV [1] - The merged entity will become the sixth-largest pay-TV company in the United States [1] - The company will continue to offer Fubo and Hulu + Live TV, along with various streaming plans at different price points [1]

Core Viewpoint - FuboTV's stock price surged following the announcement of its merger with Disney's Hulu+Live TV, positioning the combined entity as the sixth-largest pay-TV company in the U.S. [1] Company Summary - FuboTV's stock experienced a pre-market increase of 23%, ultimately rising over 8.9% to $3.97 [1] - The merger will allow the new company to offer both Fubo and Hulu+Live TV services, providing a variety of streaming plans at different price points [1] Industry Summary - The merger signifies a consolidation trend in the streaming and pay-TV industry, enhancing competitive positioning against other major players [1]

格隆汇10月29日丨FuboTV(FUBO.US)盘前涨13%，公司与迪士尼的Hulu+Live TV完成业务合并。 ...

格隆汇10月29日｜FuboTV(FUBO.US)盘前大涨23%；Fubo与迪士尼的Hulu+直播电视完成业务合并。 ...