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Fubo Posts Stronger Q1 After Disney–Hulu Live Deal, Plans ESPN Reseller Tie-Up and Ad Tech Shift

Shares fell on worries about the prolonged NBCUniversal blackout.

Overview

  • Fubo reported 6.2 million North American subscribers and said total revenue rose 40% to $1.55 billion, with pro-forma revenue up 6% to $1.68 billion.
  • Net loss narrowed to $19.1 million, with pro-forma loss shrinking to $46.4 million and pro-forma adjusted EBITDA improving to $41.4 million; cash on hand totaled nearly $460 million.
  • Executives said Fubo’s ad stack will go live on Disney’s ad server later this month, enabling inventory sales alongside Disney+, ESPN+ and Hulu to lift CPMs and fill rates.
  • Fubo disclosed a reseller and marketing arrangement with ESPN to distribute its sports offering through ESPN’s digital platforms, subject to definitive agreements.
  • The carriage blackout with NBCUniversal/Versant continues after Comcast ceased renewal talks in January; the company plans a reverse stock split by the end of fiscal Q2 and the stock fell 19% after the report.