SCHEDULE: Mudrick Capital Discloses 9.5% Stake in FuboTV

Mudrick Capital Management and its affiliates have disclosed a 9.5% beneficial ownership stake in FuboTV Inc., primarily through convertible senior secured notes.

Summary

• Mudrick Capital Management L.P., Mudrick Capital Management, LLC, Jason Mudrick, and several affiliated funds (collectively, the "Reporting Persons") have jointly filed a Schedule 13G.
• The Reporting Persons collectively beneficially own 35,972,407 shares of FuboTV Inc.'s Class A common stock.
• This ownership represents 9.5% of the Class A common stock outstanding.
• The beneficial ownership is derived from shares issuable upon conversion of convertible senior secured notes held by the Reporting Persons.
• The percentage is calculated based on 342,724,309 shares of Class A common stock outstanding as of October 31, 2025.
• The Reporting Persons certify that the securities were not acquired or held for the purpose of changing or influencing control of FuboTV Inc., except for activities solely related to a nomination under Rule 14a-11.

Sentiment

Score: 5

Explanation: The filing is a neutral, factual disclosure of beneficial ownership. While a large institutional stake can be seen positively, the filing itself does not provide operational or financial performance data to assess sentiment beyond the ownership disclosure.

Positives

• A significant institutional investor, Mudrick Capital, has disclosed a substantial 9.5% stake, potentially signaling confidence in FuboTV's long-term prospects or a strategic investment in its convertible debt.

Negatives

• The filing itself does not contain any negative financial or operational information about FuboTV Inc.

Risks

• The beneficial ownership is derived from convertible senior secured notes, which could lead to dilution for existing shareholders if converted into common stock.
• The Reporting Persons disclaim beneficial ownership for any purposes other than Section 13(d) of the Exchange Act, indicating their primary interest is in the investment rather than active management or control.

Future Outlook

The Reporting Persons certify that their acquisition and holding of FuboTV securities are not for the purpose of changing or influencing the control of the issuer, other than activities solely in connection with a nomination under Rule 14a-11. This indicates a passive investment intent, primarily focused on the value of their convertible notes.

Industry Context

This filing indicates a significant investment by a distressed asset-focused firm in FuboTV, a company operating in the competitive and evolving streaming and live TV industry. Such an investment could be interpreted as a strategic play on the future of the streaming market or a belief in FuboTV's specific business model, particularly given the nature of the convertible senior secured notes.

Stakeholder Impact

• Shareholders: The disclosure of a 9.5% stake by Mudrick Capital could influence investor perception and potentially the stock price, depending on market interpretation of such a significant institutional holding.
• Creditors: The existence of convertible senior secured notes held by Mudrick Capital indicates a debt instrument that could convert to equity, impacting the capital structure.

Key Dates

Keywords

FuboTV, Mudrick Capital, Beneficial Ownership, Schedule 13G, Convertible Notes, Streaming, Media, Investment, Institutional Investor