Only in the hot streaming video business could a not-at-all-profitable startup, with only about as half a percent as much domestic customer base as Netflix, command an enthusiastic IPO … much less breathless trade press coverage.
Is this a great country, or what?!
FuboTV announced Wednesday evening that it has “upsized” its initial public offering from an original target of $150 million.
The service, which delivers a live-linear pay TV bundle over the internet and has over 350,000 subscribers, has increased the size of its offering from 15 million shares to 183 million, each priced at $10.
The virtual pay TV service (aka “vMVPD”) merged with virtual entertainment company FaceBank Group earlier this year. FuboTV also signed an expensive carriage deal with Disney, giving the service—which emphasizes its sports programming in its marketing—access to ESPN for the first time.
FuboTV is competing with Disney’s Hulu and Google’s YouTube TV in the ever-more fierce market for virtual MVPD services. So raising cash is essential for survival.
Maybe we see how this stock goes for integrating into the ol’ 401K.
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