Core Thesis - FuboTV Inc. is expected to underperform in 2026 due to competitive, structural, and financial pressures that threaten its fragile business model [2][6] Competitive Landscape - YouTube TV poses a significant threat to FuboTV by launching sports-focused "skinny bundles" in 2026, leveraging its superior scale and pricing power [2][3] - YouTube TV has approximately 10 million subscribers, nearly double the combined total of Fubo and Hulu + Live TV, which stands at around 6 million [3] Financial Performance - FuboTV's trailing and forward P/E ratios are 7.22 and 52.63 respectively, indicating potential valuation concerns [1] - The merger with Hulu + Live TV has not provided a meaningful growth catalyst, with Hulu's live TV segment experiencing a 4% year-over-year decline in subscribers [5] - Fubo's Q3 2025 results show declining revenue, falling average revenue per user (ARPU), and limited advertising leverage, reinforcing concerns about its financial health [6] Market Dynamics - The estimated synergies from the merger with Hulu + Live TV are modest at $120 million, insufficient to offset weak organic growth [5] - Management's cautious communication post-merger suggests expectations for lower forward guidance, indicating a challenging outlook for FuboTV [6]