Form 4: FuboTV COO Horihuela Reports Significant Stock Changes

FuboTV's Chief Operating Officer, Alberto Horihuela, reported changes in beneficial ownership following a business combination with Disney and Hulu, and new RSU grants.

Summary

• FuboTV Inc. completed a business combination with The Walt Disney Company and Hulu LLC on October 29, 2025.
• Concurrently, FuboTV converted from a Florida to a Delaware corporation, resulting in each Common Stock share automatically converting to Class A Common Stock.
• Chief Operating Officer Alberto Horihuela's 1,457,700 shares of Common Stock were converted into Class A Common Stock.
• Horihuela was granted 890,501 Restricted Stock Units (RSUs) for Class A Common Stock, which will vest one-third on the first anniversary and two-thirds on the second anniversary of the closing date.
• Additionally, Horihuela received 1,534,853 performance-based RSUs (comprising 840,000, 300,000, 94,913, and 299,940 units) for Common Stock, which have been earned and are now subject to time-based vesting.

Sentiment

Score: 8

Explanation: The filing indicates the successful completion of a significant business combination with major industry players and the grant of substantial executive compensation, suggesting positive strategic progress and management alignment.

Positives

• Completion of a significant business combination with The Walt Disney Company and Hulu LLC, potentially enhancing FuboTV's market position and offerings.
• Grant of substantial Restricted Stock Units (RSUs) totaling 2,425,354 units to a key executive, aligning management incentives with long-term company performance and shareholder value.
• The conversion to a Delaware corporation may offer certain corporate governance or legal advantages.

Risks

• The vesting of 890,501 Class A Common Stock RSUs is contingent on continued employment through the applicable vesting dates.
• The 1,534,853 performance-based RSUs, though earned, remain subject to time-based vesting through their original performance period, also contingent on continued employment.

Future Outlook

Certain Restricted Stock Units (RSUs) granted to the Chief Operating Officer will vest over one and two years from the closing date of the business combination, subject to continued employment. Performance-based RSUs, having been earned, will also be subject to time-based vesting through their original performance period.

Management Comments

• "On October 29, 2025 (the 'Closing Date'), the Issuer completed the transactions contemplated by the Business Combination Agreement, dated as of January 6, 2025 (the 'Business Combination Agreement'), by and among the Issuer, The Walt Disney Company, and Hulu LLC (the 'Transactions')."
• "Pursuant to the Business Combination Agreement, on the Closing Date, the Issuer effected a conversion from a Florida corporation to a Delaware corporation (the 'Conversion')."
• "Each restricted stock unit ('RSU') represents a contingent right to receive one share of FuboTV Inc. Class A Common Stock."

Industry Context

The completion of a business combination with The Walt Disney Company and Hulu LLC signifies a strategic move for FuboTV within the highly competitive streaming and media industry. This integration could potentially enhance FuboTV's content offerings, subscriber base, and market share, positioning it more strongly against other major players in the streaming landscape.

Comparison to Industry Standards

• The business combination with major industry players like Disney and Hulu is a significant event, potentially comparable to other strategic alliances or acquisitions aimed at consolidating market share or expanding content libraries in the streaming sector, such as AT&T's acquisition of Time Warner (now Warner Bros. Discovery) or Comcast's acquisition of NBCUniversal.
• The grant of performance-based and time-based Restricted Stock Units to a Chief Operating Officer is a standard executive compensation practice, aligning executive incentives with long-term company performance and shareholder value, similar to practices observed at companies like Netflix or Roku.

Corporate Governance

Stakeholder Impact

• Shareholders: The business combination with Disney and Hulu could lead to increased value through enhanced market position and content offerings. The conversion to a Delaware corporation may alter shareholder rights and corporate governance.
• Employees: The vesting conditions for RSUs incentivize continued employment for key executives.
• Customers: The business combination may lead to changes or enhancements in FuboTV's service offerings and content.

Next Steps

• Vesting of 890,501 Class A Common Stock RSUs: one-third on the first anniversary of the Closing Date (October 29, 2026) and the remaining two-thirds on the second anniversary (October 29, 2027).
• Continued time-based vesting of 1,534,853 performance-based RSUs through their original performance period.

Key Dates

Recommendation

The completion of a business combination with major industry players like The Walt Disney Company and Hulu LLC is a highly significant strategic development that could substantially enhance FuboTV's competitive position and growth prospects. The grant of substantial Restricted Stock Units to a key executive, aligning their interests with long-term shareholder value, further reinforces a positive outlook. This strategic move, combined with executive incentive alignment, suggests strong potential for future value creation.

Keywords

FuboTV, FUBO, Alberto Horihuela, SEC Form 4, beneficial ownership, stock conversion, Restricted Stock Units, RSU, business combination, Disney, Hulu, corporate governance, executive compensation