Media investor Edgar Bronfman Jr. was appointed executive chairman of fuboTV, effective immediately.
Earlier this month, fuboTV merged with FaceBank Group and adopted the fubo name.
"Edgar was an early champion of fuboTV and I am thrilled he has agreed to this increased role with the company,” said David Gandler, co-founder and CEO, fuboTV. “As we expand through organic growth and opportunistic acquisition, Edgar’s strategic guidance will be invaluable.”
Bronfman had been a direct investor in fuboTV and also made investments in the streaming platform through Waverly Capital, a venture capital group he co-founded in 2017.
“I believe fuboTV has a great future,” said Bronfman. “I look forward to working with David to build on the tremendous success fuboTV has already achieved as the opportunities for OTT networks continue to expand and accelerate."
In his new role, Bronfman will help advise on the strategic direction of fuboTV, which plans to move from trading over-the-counter to a major stock exchange.
"Edgar’s unparalleled expertise and prominence in the media industry combined with his track record of prescient moves in the digital media space make him the perfect choice to lead fuboTV’s Board,” said John Textor, co-founder and former CEO, FaceBank Group.
An heir to the Seagram fortune, Bronfman sold Seagram’s stake in Conoco in 1981 for $9 billion assets and began pursuing media companies. He acquired Polygram and invested in MCA and Universal Pictures. In 2000 Seagram was acquired by Vivendi, which became Vivendi Universal. He stepped down as an executive of the company in 2001.
In 2004, Bronfman acquired Warner Music Group becoming chairman and CEO. WMG was sold in 2011 for $3.3 billion. That year, he was found guilty in a French court of insider trading. He received a suspended sentence and a fine and appealed the decision.
Bronfman is a Managing Partner at Accretive LLC, which specializes in creating companies to solve important problems in large industries, and executive chairman of Global Thermostat LLC, which is developing and commercializing a technology for the direct capture of carbon dioxide from the atmosphere and other sources.
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