FuboTV was set to share its Q2 financial report Monday but delayed the release of the report at the last minute. We now know that the cause of the delay was likely a move by Walt Disney Co. to acquire over 6 million shares of FaceBank Group, the company that merged with FuboTV in April.
The form was filed with the US Securities and Exchange Commission on Monday.
In its Q1 letter to shareholders, FuboTV reported that it saw a 78% increase in revenue year over year and ended the quarter with 287,316 subscribers, a 37% increase year over year. Disney owns the majority of FuboTV competitor Hulu, the largest live TV streaming service in the US with 3.4 million subscribers. FuboTV recently added a slate of Disney channels, including ABC, ABC News Live, Disney Channel, Disney Junior, Disney XD, Freeform, ESPN, ESPN2, ESPN3, SEC Network and ACC Network for in-market viewers, FX, FXX, and National Geographic to its lineup. With the addition of the new channels, FuboTV raised the price of its Family plan from $60/month to $65/month and moved Standard package subscribers to the Family plan. Those who opted to stay with the Standard plan also saw a price increase of $5, bringing the cost to $60/month.
Following the Disney news, FuboTV announced today that it is interested in becoming a publicly held company, by filing Form S-1 with the SEC. Form S-1 is an SEC registration required by companies that plan on going public, in connection with an initial public offering, or IPO.
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Jess Barnes attended Edinboro University and spent years working in nonprofit before taking up freelance writing in 2012. Jess has been working for Cord Cutters News since 2017.