Today, FaceBank, a celebrity and sports focused entertainment company, and live TV streaming service fuboTV announced that they have entered into a definitive merger agreement.
In a press release this morning, the two announced that immediately following the closing of the merger, fuboTV will become a wholly-owned subsidiary of FaceBank, and FaceBank will be renamed fuboTV Inc. fuboTV CEO David Gandler will be CEO.
The goal of the merge is to create a “leading digital entertainment company” that will combine fuboTV’s streaming platform and FaceBank’s tech-driven IP in sports, movies, and live performances.
Commented Gandler, Chief Executive Officer of fuboTV: “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.”
The merger has been approved by both Boards of Directors and is expected to close in the first quarter of 2020.
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