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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.

Go deeper:

Go deeper

Dan Primack, author of Pro Rata
Jan 8, 2021 - Economy & Business

SoFi going public via SPAC

Illustration: Eniola Odetunde/Axios

SoFi, a San Francisco-based personal finance company, agreed to go public via a reverse merger with a blank-check company called Social Capital Hedosophia Holdings Corp. V at an $8.65 billion valuation.

Why it matters: This crowns SCH's Chamath Palihapitiya as the king of tech unicorn SPACs, following earlier deals for Virgin Galactic and Opendoor.

DHS directing $77 million to combat domestic violent extremism in states, cities

DHS Secretary Alejandro Mayorkas. Photo: Tasos Katopodis/Getty Images

For the first time, states and localities will spend at least $77 million of Department of Homeland Security grant money on combatting domestic violent extremism, DHS Secretary Alejandro Mayorkas announced on Thursday.

Why it matters: Domestic terrorism has been on the rise in the U.S., spurred on by growing polarization and the mainstreaming of online conspiracy theories. In the wake of the Jan. 6 Capitol attack, Mayorkas has made fighting the problem a "National Priority Area."

Senate confirms former Michigan Gov. Jennifer Granholm as energy secretary

Former Michigan Governor Jennifer Granholm. Photo: Jim Watson/AFP via Getty Images

The Senate voted 64-35 on Thursday to confirm former Michigan Gov. Jennifer Granholm as secretary of the Department of Energy.

Why it matters: Granholm, only the second woman to head the department, will play a key role in President Biden’s efforts to accelerate the U.S. shift to clean energy and help other countries do the same.