Analogy 1: Hulu with Live TV, but with a stronger emphasis on live sports.

Analogy 2: A live streaming TV service similar to YouTube TV, designed to replace traditional cable, especially for sports fans.

• Live TV Streaming Platform: A subscription service offering access to live sports, news, and entertainment content across various streaming devices.

FuboTV primarily sells its live TV streaming platform directly to individual consumers, not to other companies. Its major customer categories include:

1. Sports-Focused Viewers: Individuals who prioritize access to live sports content, including major leagues, niche sports, and various sporting events. FuboTV's strong emphasis on sports programming makes it particularly appealing to this demographic.
2. Cord-Cutters and Cable-Alternative Seekers: Consumers who are moving away from traditional cable or satellite TV services, or those who have never subscribed to them, and are seeking a flexible, internet-based live TV streaming solution that offers a wide array of channels (sports, news, entertainment).
3. General Live TV Viewers: Individuals interested in a comprehensive live television experience beyond just sports, including news, general entertainment, and lifestyle content, all accessible through a single streaming service on various devices such as SmartTVs, computers, and mobile devices.

• The Walt Disney Company (DIS)
• Fox Corporation (FOXA)
• Comcast Corporation (CMCSA) (parent company of NBCUniversal)
• Paramount Global (PARA)
• Warner Bros. Discovery, Inc. (WBD)
• AMC Networks Inc. (AMCX)

David Gandler Co-Founder / CEO

David Gandler co-founded FuboTV in 2015, leading its evolution from a niche soccer streaming platform to a broader live TV streaming service. He previously had over 15 years of experience in video sales at companies like Scripps Networks Interactive, Time Warner Cable Media Sales, and NBCUniversal's Telemundo Media. Gandler also built advertising capabilities for DramaFever, which was later sold. He is the majority owner and board member of Leyton Orient F.C. and a former co-owner of Paris FC, and serves on the board of directors for Newsmax Inc. and Bare Knuckle Fighting Championship (BKFC). In 2025, he led FuboTV's business combination with The Walt Disney Company's Hulu + Live TV business.

John Janedis Chief Financial Officer

John Janedis joined FuboTV as Chief Financial Officer in February 2022. He brings over two decades of experience in equity research, investor relations, capital markets, and mergers and acquisitions. His prior roles include managing director, senior equity research analyst at Wolfe Research, and Senior Vice President, Capital Markets, Treasurer, and Investor Relations at TEGNA Inc. (2018-2020), where he advised on strategic and M&A decisions. Janedis also held leadership positions in equity research at Jefferies, UBS Securities, Wells Fargo Securities, Banc of America Securities, and Morgan Stanley & Co. He helped lead FuboTV's business combination with The Walt Disney Company's Hulu + Live TV business in 2025.

Alberto Horihuela Co-Founder / Chief Operating Officer

Alberto Horihuela co-founded FuboTV in 2015 alongside David Gandler and Sung Ho Choi. As Chief Operating Officer, he is central to driving FuboTV's strategic initiatives and operational execution. He also helped lead FuboTV's business combination with The Walt Disney Company's Hulu + Live TV business in 2025.

Henry Ahn Chief Business Officer

Henry Ahn was appointed Chief Business Officer of FuboTV in March 2022, after serving on its board of directors since July 2020. He is responsible for FuboTV's content strategy, licensing, and business development. Prior to FuboTV, Ahn was President of Content Distribution and Partnerships for TelevisUnivision (previously Univision Communications Inc.) since 2018. He also held roles as a distribution executive for Scripps Networks Interactive and as Executive Vice President of TV Networks Distribution at NBCUniversal for 17 years.

Gina DiGioia Chief Legal Officer

Gina DiGioia joined FuboTV in 2020 as Senior Vice President, General Counsel, and Corporate Secretary, becoming the company's first in-house general counsel. She oversees all legal matters for FuboTV, including financings, mergers, acquisitions, and corporate governance, and works closely with business teams on commercial activities.

The key risks to FuboTV's business are:

1. High Content Costs and Path to Profitability: FuboTV operates in an industry where content acquisition, particularly for live sports, represents a substantial portion of its revenue, leading to significant subscriber-related expenses and consistent net losses. The company's business model is heavily reliant on content licensing, which limits operational flexibility and makes achieving sustained profitability a significant challenge. FuboTV's content costs have been as high as 73% of revenue, compared to an industry average of 58%, and the company has historically paid more for content than it generated in revenue, leading to an unsustainable economic model and accelerating losses.
2. Intense Competition and Lack of Scale: FuboTV faces fierce competition in the streaming market from larger, more established players such as YouTube TV, Hulu + Live TV, ESPN, Disney, Fox, and Warner Bros. Discovery. These competitors often have greater financial resources, broader content libraries (including ownership of key sports rights), and larger subscriber bases, enabling them to leverage economies of scale in content negotiations and customer acquisition. FuboTV's relatively smaller subscriber base creates a structural disadvantage, as it must pay proportionally more per subscriber for content, limiting growth and hindering its ability to compete effectively on pricing or content offerings.
3. Financial Instability and Liquidity Concerns: FuboTV has demonstrated a history of financial instability, marked by negative adjusted EBITDA, widening net losses, significant cash burn (approximately $29 million monthly as of Q2 2025), and a reliance on debt financing. While recent strategic moves, such as the proposed merger with Hulu + Live TV and a legal settlement with major media companies, are intended to improve its financial position and liquidity, the combined entity still faces challenges in generating positive operating cash flows and achieving overall profitability. The company's debt levels and ongoing cash requirements pose a risk to its long-term financial health and could lead to further shareholder dilution or difficulty servicing its debt, especially in adverse economic conditions.

Clear Emerging Threats for FuboTV (FUBO):

• Content Rights Fragmentation and Escalating Costs: FuboTV relies heavily on licensing agreements for live sports and entertainment content. Media companies and sports leagues are increasingly launching their own direct-to-consumer (DTC) streaming services or forming joint ventures. This trend makes content acquisition more expensive, fragments desirable content across multiple platforms, and can lead to content being pulled from aggregators like FuboTV or made exclusive to the content owner's platform, directly eroding FuboTV's ability to offer a comprehensive and competitively priced bundle.
• Direct Competition from Media Conglomerate Bundles: A significant emerging threat is the announced joint venture between Disney (ESPN), Fox, and Warner Bros. Discovery to launch a new streaming service dedicated to live sports. This service will aggregate many of the premier sports channels that are core to FuboTV's value proposition, backed by the immense resources and content libraries of these media giants, creating a powerful new competitor that could capture a significant share of the sports streaming market.

The addressable markets for FuboTV's main products and services, primarily its live TV streaming platform focusing on sports, news, and entertainment, can be identified as follows:

• Virtual MVPD (Multichannel Video Programming Distributor) Market (United States): This market, which encompasses services like FuboTV that offer live linear television channels over the internet, was valued at approximately USD 6.26 billion in 2024. It is projected to grow to USD 15 billion by 2035, demonstrating a Compound Annual Growth Rate (CAGR) of 8.3% from 2025 to 2035. The North American region, particularly the United States, is considered the dominant market for vMVPDs. As of the end of 2023, there were approximately 18.2 million total vMVPD subscribers in the U.S.
• Global Live Streaming Market: The broader live streaming market, which includes sports, news, and entertainment content, reached an estimated USD 87.8 billion in 2024. This market is expected to expand significantly, reaching USD 605.2 billion by 2033, with a CAGR of 23.93% during the 2025-2033 forecast period. North America contributed roughly 32.6% of the global streaming revenue in 2023.
• U.S. Live Streaming Market: Specific to the United States, the live streaming market generated approximately USD 18.5441 billion in revenue in 2023. It is forecast to grow to USD 65.1359 billion by 2030, at a CAGR of 19.7% from 2024 to 2030.
• Global Sports Streaming Platform Market: Given FuboTV's strong emphasis on live sports, the global sports streaming platform market represents a significant addressable market. This market was valued at an estimated USD 46.1093 billion in 2025. It is projected to experience substantial growth, reaching USD 336.8113 billion by 2035, at a robust CAGR of 22.0% over the forecast period.
• North America Sports Online Live Video Streaming Market: Within the global sports streaming landscape, North America held a dominant 36.8% market share in 2023, with a market value of USD 9.31 billion. The United States is expected to remain a leading market globally for sports streaming.

1. North American Subscriber Growth: FuboTV anticipates continued growth in its North American subscriber base. The company has provided guidance projecting an increase in North American subscribers, with forecasts showing year-over-year growth. This ongoing expansion in its primary market is a fundamental driver for revenue.
2. Average Revenue Per User (ARPU) Expansion: FuboTV expects revenue growth to meaningfully outpace subscriber growth due to continued ARPU expansion. This increase in revenue per user is influenced by improved unit economics and margin gains, and FuboTV has reported achieving all-time high ARPU in its North American segment.
3. Advertising Revenue Growth: Despite a challenging advertising market, FuboTV has demonstrated double-digit ad revenue growth. The company reported a 15% year-over-year increase in ad revenue in Q4 2023 and a 14% increase for the full year 2023, totaling $114 million. Continued growth in advertising revenue is expected as the platform expands its audience and monetization capabilities.
4. Enhanced Content Offering and Strategic Partnerships: The pending combination with Hulu + Live TV and a new carriage agreement with Disney are significant drivers. This strategic move is expected to expand FuboTV's content library significantly, including premier sports and broadcast networks such as ABC, ESPN, and ESPN+. This enhanced content offering aims to attract and retain a broader subscriber base, thereby boosting revenue.

Share Repurchases

• FuboTV repurchased $140.2 million of its 3.25% Convertible Senior Notes due 2026 in January 2026.
• This repurchase was funded by a $145 million term loan secured following the business combination with Hulu + Live TV.
• The company plans to repay the remaining $4.5 million aggregate principal amount of the 2026 Notes in cash at their maturity in February 2026.

Share Issuance

• FuboTV's number of outstanding shares increased significantly from 0.14 billion in 2021 to 0.34 billion in 2025.
• In January 2026, FuboTV filed prospectus supplements for the potential resale of 947.91 million shares of Class A common stock by Hulu LLC and 29.27 million shares by a certain stockholder upon conversion of the company's 2029 Notes.

Inbound Investments

• The Walt Disney Company finalized a deal to acquire a majority stake in FuboTV and combined its Hulu + Live TV business with FuboTV's operations in October 2025.
• FuboTV secured a $145 million senior unsecured term facility (loan) from an affiliate of The Walt Disney Company, related to the 2025 merger with Hulu + Live TV.

Outbound Investments

• FuboTV acquired Molotov, a video-on-demand platform for streaming live content, TV series, and movies, in November 2021 for $190 million.
• The company completed a total of 4 acquisitions, with peak activity in 2021 (3 acquisitions) and 2020 (1 acquisition), primarily in Sports Tech, eSports, and OTT Video sectors.

Capital Expenditures

• FuboTV reported capital expenditures of $7.48 million in 2021, $5.99 million in 2022, and $18 million in 2023.
• Capital expenditures for 2024 were $14 million.
• Proceeds from convertible senior notes in 2021 were intended for general corporate purposes, including capital expenditures, to support business development, sales and marketing activities, and potential acquisitions.