FuboTV launches public offering on New York Stock Exchange
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FuboTV, a digital TV service created as a cable replacement with a focus on sports, announced on Thursday that it's launching a public offering on the New York Stock Exchange.
Why it matters: Streaming companies like fuboTV have rarely gone public, and are usually developed or bought by a bigger media or tech company. But fuboTV, which focuses on live sports rights, might consider itself more of a tech company.
Details: The public offering includes 15 million shares of common stock. The price is currently expected to be between $9.00 and $11.00 per share, according to fuboTV.
- The company intends to list its common stock on the New York Stock Exchange (NYSE) the day after pricing under the ticker symbol “FUBO.”
- Evercore ISI is acting as the lead book-running manager for the proposed offering, according to the company. BMO Capital Markets Corp., Needham & Company and Oppenheimer & Co. are acting as additional joint bookrunners, while Roth Capital Partners and Wedbush Securities are acting as co-managers.
Between the lines: The company recently said that it expects revenues for the third quarter of this year to be between $50 million and $54 million — a roughly 30% growth year over year — and that it will have roughly 370,000 to 380,000 paid subscribers, which was more than initially forecast.
- That growth is especially notable given the fact that many live sports were cancelled during the pandemic.
- FuboTV has the largest sports package of any digital TV company, with more than 50,000 live sporting events each year.
- Like many of its streaming rivals, the company recently raised the price of its family bundle from $60 to $65 a month after adding a number of Disney channels, including ESPN, ESPN 2, and ESPN 3.
The big picture: The pandemic has been a boon to streaming, so it makes sense that fuboTV has seen strong gains. The IPO market has also been white-hot.
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