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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.

5 mins ago - World

Iran agrees to resume Vienna nuclear talks in November

Ali Bagheri (R) with Enrique Mora in Tehran on Oct. 14. Photo: Iranian Foreign Ministry handout via Getty

Iran's new chief nuclear negotiator said following a meeting in Brussels on Wednesday that Iran would resume negotiations in Vienna before the end of November, with the exact date to be set next week.

Why it matters: The Vienna talks have been frozen since Iran's new hardline president, Ebrahim Raisi, was elected in June. This is the most direct commitment from Raisi's government to return to the negotiating table.

Dan Primack, author of Pro Rata
5 hours ago - Politics & Policy

Democrats' billionaires tax explained

Illustration: Aïda Amer/Axios

There is now legislative language behind the push to tax American billionaires on unrealized capital gains, as Sen. Ron Wyden last night released his 107-page plan.

Why it matters: This would be a sea change in U.S. tax policy, which has only applied to realized gains (otherwise known as income).