FaceBank Group, a celebrity- and sports-focused virtual entertainment company, and the live TV streaming platform fuboTV have entered into a definitive merger agreement.
Once the merger closes, fuboTV will become a wholly-owned subsidiary of FaceBank, and FaceBank will be renamed fuboTV Inc. The combined company is expected to be headquartered in New York and led by fuboTV CEO David Gandler as CEO.
The merged entity would bring together fuboTV’s direct-to-consumer live TV streaming platform for cord-cutters with FaceBank’s technology-driven IP in sports, movies and live performances.
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 U.S., 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. In the current COVID-19 environment, stay-at-home stocks make perfect sense—we plan to accelerate our timing to uplist to a major exchange as soon as practicable. We look forward to working with John and his team of creative visionaries.”
FaceBank Founders John Textor and Alex Bafer commented: “As a tech-driven IP company, FaceBank was looking to find the perfect delivery platform for its celebrity and consumer-driven content, with a dynamic user interface that could support the global consumers’ rapidly evolving practices of content consumption. David and his team have a clear vision of the future and fuboTV’s technology is second to none among the disruptor class of content delivery—a perfect match for FaceBank Group.”