FuboTV, the streaming service acquired by Facebank on April 1, disclosed that the combined companies registered a pro-forma net loss of $48.4 million in the first quarter.
In a filing with the Securities & Exchange Commission Wednesday, fuboTV alone had a loss of $36 million in the quarter and Facebank lost $4.5 million. Adjustments to earnings totaled $8 million.
The combined company is doing business as fuboTV. On Wednesday morning, the company released a letter to shareholders with financial highlights, including a 78% increase in revenue and a jump of 120% in streaming hours.
FuboTV stock trades over the counter and closed up 20% at $10.51 a share.
For 2019, the combined companies had a pro-forma loss of $335.9 million. FuboTV’s loss was $173.7 million and Facebank lost $114.7 million.
Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
