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.
FuboTV — a U.S.-based video streaming service offering a premium, over-the-top bundle of sports TV channels — has inked a deal to merge with Facebank Group, a developer of technology IP. Terms of the deal were not disclosed, but the proposed merger aims to create a sports-first digital entertainment alternative online for cord-cutters and cord-nevers.