FaceBank Group has announced a definitive agreement to merge with streaming TV provider fubtoTV.
fuboTV started out as a primarily sports-oriented streaming service that later expanded its offerings to compete with more mainstream rivals, such as Hulu, YouTube TV and Sling. FaceBank Group, on the other hand, develops “hyper-realistic digital humans. The company is focused on the development, protection and activation of the personal digital likeness assets of celebrities and consumers, for use in artificial intelligence, entertainment, personal productivity and social networking.”
According to the terms of the deal, “fuboTV will become a wholly-owned subsidiary of FaceBank, and FaceBank will be renamed fuboTV Inc. The combined company is expected to be headquartered in New York and led by fuboTV CEO David Gandler as CEO.”
In an SEC filing, FaceBank disclosed it has managed to secure a revolving credit line from HLEE Finance S.a.r.l., for some $100 million. The first $10 million will be given to fuboTV at either the close of the merger or April 1, whichever comes later.
As the coronavirus pandemic continues to sweep the globe, and increasing numbers of people are quarantined or shelter-in-place, services like fuboTV will likely experience significant growth rates. The merged company, not to mention its line of credit, should help fuboTV continue to compete with other streaming services, and keep up with the increase in customers.