Acquisition Accelerates fuboTV’s Mission to
Build The World’s #1 Interactive Sports-First Live TV Streaming
Platform
fuboTV Inc. (NYSE: FUBO), the leading sports-first live TV
streaming platform, today announced it has achieved a significant
milestone towards global expansion and entered into a binding
agreement to acquire France’s number one live TV streaming company,
Molotov SAS.
The transaction fuels fuboTV’s global expansion strategy by
leveraging Molotov’s unique direct-to-consumer live TV streaming
service and its advertising video-on-demand (AVOD) platform, Mango,
which combined total nearly four million monthly active users in
France (September 2021). The Molotov streaming platform was
designed to be easily localized for new markets and languages,
facilitating quick and efficient launches in additional countries.
The technology capabilities between the two companies are expected
to enable fuboTV to launch its interactive sports and entertainment
streaming platform on a global scale.
Molotov brings to fuboTV’s international business a freemium
model which leverages a free tier to drive user growth and upsell
customers to premium add-on channel packages. fuboTV plans to
leverage Molotov’s strategy and low-cost marketing funnel for
international growth while implementing fuboTV’s marketing
technology to accelerate Molotov subscriptions.
Molotov has distinguished itself in France with a unique
entertainment experience focused on live and on-demand TV series,
movies, documentaries and kids content. fuboTV will look to provide
Molotov with sports content and sports-first product features. The
newly combined streaming platform has the potential to offer a
robust and personalized product experience for everyone in the
household. This well-rounded offering will also enable fuboTV to
customize local content offerings as it enters new markets.
Under the terms of the agreement, fuboTV has submitted a binding
offer to acquire Molotov SAS for €164.3 million (approximately $190
million using the foreign currency exchange rate as of November 8,
2021) in a combination of cash and equity consideration, of which
at least 85% is expected in equity. The acquisition is subject to
customary requisite approvals and closing conditions. It is
estimated to close sometime during the first quarter of 2022 at
which point the Company expects to provide guidance on how the
transaction will impact fuboTV’s financials.
Molotov will continue to be based in Paris and led by JeanDavid
Blanc, its co-founder. Blanc has also been named president,
Molotov. Molotov’s approximately 100 employees will remain with the
Company and fuboTV plans to further expand the product and
engineering team in Paris. Molotov was founded in 2015 by Blanc
(founder of AlloCiné) and Pierre Lescure (co-founder of
Canal+).
“Molotov has set the benchmark for ad-supported and subscription
streaming platforms in Europe,” said David Gandler, co-founder and
CEO, fuboTV. “We believe this strategic asset will help accelerate
our goal of achieving global scale and operating leverage as we
continue to improve and innovate on our live, interactive streaming
TV experience for sports fans and their families.”
Gandler added: “In August, we launched an At-The-Market (ATM)
stock offering program to provide the flexibility to raise capital
to accelerate our growth plans, including global expansion. The
opportunity offered by Molotov is a perfect example of how we can
do this. We look forward to delivering a truly category-defining
live TV streaming platform to consumers around the world.”
Blanc commented: “We’re thrilled to scale Molotov with fuboTV
with whom we share the same ambition and vision for a live TV
streaming platform. Our goal is to provide consumers with a
best-in-class streaming experience with premium television content
on a global scale.”
fuboTV currently operates in the U.S. and Canada and was the
first U.S. virtual MVPD to enter Europe with its 2018 launch in
Spain. Molotov operates in France, Burkina Faso, Ivory Coast,
Senegal and Cameroon and expects to launch soon in the Democratic
Republic of Congo. The Company also operates in Morocco through a
partnership with Maroc telecom.
Q3 2021 Live Earnings
Webcast
fuboTV will provide remarks on the Molotov transaction during
its third quarter 2021 earnings webcast today at 5:30 p.m. ET. The
live webcast will be available on the Events page of fuboTV’s
investor relations website.
About fuboTV
With a mission to provide the world’s most thrilling
sports-first live TV experience through the greatest breadth of
premium content, interactivity and integrated wagering, fuboTV Inc.
(NYSE: FUBO) is focused on bringing to life its vision of a
streaming platform that transcends the industry’s current virtual
MVPD model. fuboTV Inc. operates in the U.S., Canada, Spain and,
through its expected acquisition of Molotov, in France.
Leveraging its proprietary data and technology platform
optimized for live TV and sports viewership, fuboTV Inc. aims to
turn passive viewers into active participants and define a new
category of interactive sports and entertainment television.
Through its cable TV replacement product, fuboTV, subscribers can
stream a broad mix of 100+ live TV channels, including 74 of the
top 100 Nielsen-ranked networks across sports, news and
entertainment — more than any other live TV streaming platform
(source: Nielsen Total Viewers, 2020). Subscribers can interact
with fuboTV’s live streaming experience through predictive
free-to-play games, which are integrated into select sports
content.
Fubo Gaming Inc., a subsidiary of fuboTV Inc., launched Fubo
Sportsbook, a next-generation mobile sportsbook purpose-built to
integrate with fuboTV, in 2021.
About Molotov
Founded by JeanDavid Blanc (founder of AlloCiné) and Pierre
Lescure (co-founder of Canal+), Molotov is a streaming platform
that is revolutionizing access to television, available on all
screens and connected devices (TechCrunch). Molotov offers a unique
experience combining linear and non-linear programs from almost 200
publishers and television channels in a single interface. Selected
in the French government's French Tech 120 index, among the 10 Top
Start-ups LinkedIn 2020, and awarded four times as "Best
Application of the Year" by App Store users (Apple), Google Play
(Android) and AppAnnie, Molotov has, after 5 years of existence, 17
million registered users, making it the French leader in the
distribution of streaming programs. The company launched a B2B
division, Molotov Solutions, in 2020, making its technology and
know-how in streaming and OTT platform operations available to
professionals.
Forward-Looking
Statements
This press release contains forward-looking statements of fuboTV
Inc. (“fuboTV”) that involve substantial risks and uncertainties.
All statements contained in this press release that do not relate
to matters of historical fact are forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995, including statements regarding the Molotov acquisition,
expected synergies of the technology platforms, our international
expansion plans and the markets in which we expect to operate, our
financial condition, anticipated financial performance, market
opportunity and our business strategy and plans. The words “could,”
“will,” “plan,” “intend,” “anticipate,” “approximate,” “expect,”
“potential,” “believe” or the negative of these terms or other
similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. Actual results or events could differ
materially from the plans, intentions and expectations disclosed in
the forward-looking statements that fuboTV makes due to a number of
important factors, including but not limited to risks related to
our pursuit and engagement in acquisitions; our actual operating
results may differ significantly from our guidance; risks related
to the Company’s access to capital and fundraising prospects to
fund its ongoing operations and support its planned growth; the
restrictions imposed by content providers on our distribution and
marketing of our products and services; our reliance on third party
platforms to operate certain aspects of our business; risks related
to our technology, as well as cybersecurity and data
privacy-related risks; our ability to achieve or maintain
profitability; our revenue and gross profit are subject to
seasonality; our operating results may fluctuate; our ability to
attract and retain subscribers; we may not be able to license
streaming content or other rights on acceptable terms; risks
related to our ability to capitalize develop and market a sports
wagering offering and the regulatory regime and related risks
associated with such offering; risks related to the difficulty in
measuring key metrics related to our business; risks related to the
highly competitive nature of our industry; risks related to ongoing
or future legal proceedings; and other risks, including the effects
of industry, market, economic, political or regulatory conditions,
future exchange and interest rates, and changes in tax and other
laws, regulations, rates and policies, including the impact of
COVID-19 on the broader market. Further risks that could cause
actual results to differ materially from those matters expressed in
or implied by such forward-looking statements are discussed in our
Quarterly Report on Form 10-Q for the quarterly period ended June
30, 2021 filed with the Securities and Exchange Commission (“SEC”)
on August 11, 2021 and our other periodic filings with the SEC. We
encourage you to read such risks in detail. The forward-looking
statements in this press release represent fuboTV’s views as of the
date of this press release. fuboTV anticipates that subsequent
events and developments will cause its views to change. However,
while it may elect to update these forward-looking statements at
some point in the future, it specifically disclaims any obligation
to do so. You should, therefore, not rely on these forward-looking
statements as representing fuboTV’s views as of any date subsequent
to the date of this press release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211109005401/en/
Investor Contacts Alison Sternberg, fuboTV
asternberg@fubo.tv The Blueshirt Group for fuboTV ir@fubo.tv
Media Contacts Jennifer L. Press, fuboTV jpress@fubo.tv
Bianca Illion, fuboTV billion@fubo.tv Valérie Guiard-Schmid
Ackaouy, Molotov vguiard-schmid@molotov.tv presse@molotov.tv
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