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Cord-cutting service FuboTV is coming to the NYSE: Here’s what to know

The stock offering comes as cable-TV subscribers ditch traditional bundles in record numbers.

Cord-cutting service FuboTV is coming to the NYSE: Here’s what to know
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FuboTV has filed for a public offering on the New York Stock Exchange, the company announced this morning. The sports-focused streaming service, first launched in 2015 as a way to watch soccer games without cable, has been rapidly growing its subscriber count in recent years, despite a flood of competitors in the crowded streaming-TV space.

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After a merger with FaceBank Group earlier this year, FuboTV is already trading on the over-the-counter market. Shares closed at $9 yesterday, down 3.23%. Here’s what to know about today’s S-1 filing:

  • The offering includes 15,000,000 shares of common stock, with underwriters getting a 30-day option to buy 2,250,000 additional shares.
  • Shares are expected to be priced between $9 and $11. They’ll trade on the NYSE under the FUBO ticker symbol one day after pricing.
  • The offering is being led by Evercore ISI, which will provide a full prospectus when it becomes available.
  • FuboTV says it expects an estimated 370,000-380,000 subscribers for the third quarter of this year, a 28% increase over the same period last year. It projects revenue of $50 million to $54 million for the quarter, an increase of 38% on the high end.

The offering comes as cable-TV subscribers are ditching traditional bundles in record numbers. Cord-cutting was already an accelerating trend before the coronavirus pandemic, but the loss of live sports during the first few months of the COVID-19 outbreak caused additional headaches for legacy cable providers.

FuboTV, which offers more than 100 channels and packages starting at $65 a month, is one of a number of less expensive (albeit less less expensive than they used to be) cable-like alternatives that have emerged in the last five years, including live-TV offerings from major players such as YouTube and Hulu.

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About the author

Christopher Zara is a senior staff news editor for Fast Company and obsessed with media, technology, business, culture, and theater. Before coming to FastCo News, he was a deputy editor at International Business Times, a theater critic for Newsweek, and managing editor of Show Business magazine

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