Virtual entertainment company FaceBank has announced it will merge with fuboTV, with the US-sports streaming service becoming FaceBank’s subsidiary.
As part of the merger, FaceBank will be renamed fuboTV Inc, with the combined company expected to be headquartered in New York and fuboTV’s CEO David Gandler to retain his position. Moreover, the deal will be purchased through newly created shares of FaceBank preferred stock.
Since being founded in 2015, fuboTV has developed relationships with some of America’s biggest sports, securing deals with the NHL Network, MLB Network, MLB Strike Zone, NBA TV and NFL Network.
Gandler commented: “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.”
fuboTV hopes that with FaceBank’s IP sharing relationships with leading celebrities and technology-driven IP in sports, movies and live performances it will enhance its sports and entertainment offerings, strengthening the company’s sports-driven content.
FaceBank’s Nexway AG, the firm’s global ecommerce and payment platform, is also expected to be introduced into fuboTV’s system as the company’s plan its global expansion. The Nexway AG platform has a presence in 180 countries, accepting payments in roughly 140 currencies, allowing for the possibility for the streaming service to access more countries easier.
FaceBank founders John Textor and Alex Bafer added: “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.”
Barring any unexpected closing conditions, the merger is set to be completed during the first quarter of 2020.