FuboTV to merge with FaceBank; sources say values FuBoTV at $700 mln [Reuters]
Discovery, Inc. - Series A (DISCA)
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Source: Reuters
FuboTV to merge with FaceBank; sources say values FuBoTV at $700 million - Reuters 3 Min Read (Reuters) - Streaming provider FuboTV said on Monday that it had agreed to merge with virtual entertainment firm FaceBank Group Inc ( FBNK.PK ) to expand its over-the-top TV footprint, in a deal that sources said valued privately held FuboTV at about $700 million. It is a rare example of a merger clinched amid the market turmoil and economic uncertainty fueled by the coronavirus pandemic. More people staying at home during the outbreak will be a boon to the combined company, FaceBank’s chief executive, John Textor, said in an interview. “FuboTV is one of those companies that we see is likely to do well in this environment,” Textor said. “Their content and the offerings are considerably less expensive than the cable options.” FaceBank has a market capitalisation of more than $200 million and is controlled by Textor and FaceBank’s chairman and fellow co-founder, Alexander Bafer. FaceBank also
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