FuboTV to merge with FaceGroup
US-based live streamer FuboTV and sports-focused virtual entertainment company FaceBank Group are to merge.
Following the closing of the merger, FuboTV will become a wholly owned subsidiary of FaceBank, which will be renamed FuboTV Inc. The combined company is expected to be headquartered in New York and led by FuboTV CEO David Gandler.
The proposed merger will combine FuboTV’s direct-to-consumer live TV streaming platform with FaceBank’s technology-driven IP in sports, movies and live performances. The combined company’s managerial structure is yet to be revealed.
FuboTV plans to leverage FaceBank’s IP-sharing relationships with celebrities and other digital technologies to enhance its sports and entertainment offerings.
Gandler said: “The business combination of FaceBank Group and FuboTV accelerates our ability to build a category-defining company and supports our goal to provide consumers with a technology-driven cable TV replacement service for the whole family.
“With our growing businesses in the US, and recent beta launches in Canada and Europe, FuboTV is well positioned to achieve its goal of becoming a world-leading live TV streaming platform for premium sports, news and entertainment content.”
Since its founding in 2015 as a soccer streaming service, FuboTV has evolved into a live TV streaming platform, bringing in channels from the likes of US factual giant Discovery.
The boards of directors at both companies and the major stockholders of FuboTV have approved the transaction, which is anticipated to close during the first quarter of 2020, subject to the satisfaction of certain conditions.