DEF: FuboTV Inc. Announces 2025 Annual Meeting and Details Business Combination with Hulu + Live TV

FuboTV Inc. invites shareholders to its 2025 Annual Meeting on June 17, 2025, to vote on director elections, auditor ratification, executive compensation, and an equity incentive plan amendment, while also highlighting a pending business combination with Hulu + Live TV.

Summary

• FuboTV Inc. will hold its 2025 Annual Meeting of Shareholders on June 17, 2025, via live webcast.
• Shareholders will vote on the election of seven directors, ratification of KPMG LLP as the independent auditor, an advisory vote on executive compensation, an amendment to the 2020 Equity Incentive Plan, and a proposal to adjourn the meeting if necessary.
• The company encourages shareholders to vote by proxy before the meeting.
• FuboTV highlights its 2024 business achievements, including $1.62 billion in revenue (up 19%) and a $115 million improvement in Adjusted EBITDA.
• North America business saw $1.59 billion in revenue (up 19%), 1.676 million paid subscribers (up 4%), and $85.97 Average Revenue Per User (up 5%).
• A definitive agreement with The Walt Disney Company to combine the Hulu + Live TV and Fubo businesses was announced in early January 2025, with Disney owning approximately 70% of the combined company at closing.
• The closing of the business combination is subject to shareholder and regulatory approval.
• The company's Board of Directors is committed to building long-term shareholder value and maintaining sound corporate governance practices.
• The company values feedback from shareholders, including feedback related to executive compensation programs and practices.

Sentiment

Score: 8

Explanation: The document conveys a positive sentiment due to the strong financial results, strategic business combination, and commitment to shareholder value. However, the presence of risks and uncertainties tempers the overall optimism.

Positives

• FuboTV achieved record-breaking total revenue and paid subscribers in North America in 2024.
• The company significantly improved global key profitability metrics by over $100 million for the second consecutive year.
• Strategic investments in product, infrastructure, and streaming quality drove North America viewership to over 1.7 billion hours in 2024.
• FuboTV ranked among the U.S.'s top 10 most-watched video services in 2024, according to Comscore.
• The pending business combination with Hulu + Live TV is expected to create a leading streaming company.
• The company received strong shareholder support (89%) for its say-on-pay proposal at the 2024 annual meeting.

Risks

• The closing of the business combination with Hulu + Live TV is subject to certain closing conditions, including shareholder and regulatory approval.
• Forward-looking statements are subject to risks, uncertainties, and assumptions that could cause actual results to differ materially.

Future Outlook

The company anticipates further progress towards its 2025 profitability goal and expects the business combination with Hulu + Live TV to establish a leading streaming company.

Management Comments

• We believe these results reflect our high-quality execution, resilience amidst industry transformation, and steadfast commitment to the consumer.
• We believe this is a game-changing opportunity to establish a leading streaming company that prioritizes consumer choice, flexible packages, and a cutting-edge user experience.

Industry Context

The announcement highlights FuboTV's position in the competitive streaming market and its strategic move to consolidate with Hulu + Live TV to enhance its market presence and consumer offerings.

Comparison to Industry Standards

• Fubo's performance is being compared to companies like Spectrum TV, ESPN, and Netflix.
• Fubo's ranking among the top 10 most-watched video services in the U.S., surpassing Pluto, Amazon Prime Video, and Tubi, indicates a strong competitive position.
• The pending business combination with Hulu + Live TV is a strategic move to compete with major players in the streaming industry.

Stakeholder Impact

• Shareholders: The business combination with Hulu + Live TV is expected to create long-term value.
• Employees: The company is committed to attracting and retaining the best available personnel.
• Customers: The company aims to provide an exceptional streaming experience with quality content and ease of use.
• Media Partners: The company's aggregated video bundle offers value for media partners.

Next Steps

• Shareholders are urged to vote on the proposals outlined in the proxy statement.
• FuboTV will hold a special meeting of shareholders to seek approval of the business combination with Hulu + Live TV.
• The company will continue to engage with shareholders on various matters, including business performance, governance, and compensation.

Key Dates

Keywords

FuboTV, Annual Meeting, Shareholders, Hulu + Live TV, Business Combination, Executive Compensation, Equity Incentive Plan, Directors, KPMG, Revenue, Subscribers, Adjusted EBITDA, Streaming, Governance