FuboTV Inc. completed the acquisition of 98.5% stake in Molotov SAS for approximately $120 million.
December 05, 2021
Share
fuboTV Inc. (NYSE:FUBO) entered into a binding agreement to acquire 98.5% stake in Molotov SAS on November 9, 2021. The consideration will be paid in combination of cash and stock, of which at least 85% is expected in equity. Molotov's approximately 100 employees will remain with the Company and fuboTV plans to further expand the product and engineering team in Paris. Jean-David Blanc, the founder and CEO of Molotov, remains president of the company and also becomes Chief Strategy Officer, directly reporting to David Gandler, fuboTV's co-founder and CEO. The transaction is subject to the required approvals and the usual closing conditions, for an estimated closing date during the first quarter of 2022. The synergies between fuboTV and Molotov's technology and teams are expected to enable both companies to continue on paths of accelerated growth in their respective home countries and leverage their capabilities to improve both business models with greater scale.
fuboTV Inc. (NYSE:FUBO) completed the acquisition of 98.5% stake in Molotov SAS for approximately $120 million on December 6, 2021. The consideration paid in cash totaled $16.3 million, and the issuance of 5.7 million shares of the fuboTV's common stock with a fair value of approximately $98.8 million.
fuboTV Inc. is a sports-first, live television (TV) streaming company. The Company is engaged in offering access to tens of thousands of live sporting events annually, as well as news and entertainment content. Its platform is designed to allow customers to seamlessly access content through streaming devices and on Smart TVs, mobile phones, tablets, and computers. The Company operates through its streaming segment. Its base plan, Fubo Pro, includes over 100+ channels, including Nielsen-rated networks, and dozens of sports, news, and entertainment options. Its subscribers have the option to add premium channels and channel packages, as well as upgrade attachments such as Cloud DVR Plus for more storage and Family Share for additional simultaneous streams. The Company also offers multi-view on Apple TV, which enables subscribers to watch up to four live streams simultaneously. Its platform allows content providers to monetize and distribute their content to its highly engaged audience.