Sports, entertainment and news streaming company FuboTV Inc. is the latest online video company to tie up in a deal, after announcing its merger with digital media and IP company FaceBank Group Inc. (FBNK) on Monday, March 23.
The transaction follows ad-supported video streaming company Tubi Inc.’s $440 million sale to Fox Corp. (FOXA), announced March 17. Among other streaming video deals, Comcast Corp. (CMSA) purchased Xumo LLC in February and ViacomCBS Inc. (VIAC) of PlutoTV last year.
FuboTV and FaceBank did not disclose a valuation for the transaction. An exchange of shares will give FuboTV’s shareholders a two-third economic stake, but provide FaceBank with a majority of voting power.
New York-based FuboTV’s allows subscribers to stream and record live sports, news and entertainment programming for $54.99 per month. The company has raised $150 million from AMC Networks Inc. (AMCX), Fox Corp. (FOX) and others.
FaceBank has its headquarters in New York and Jupiter, Fla., and describes itself as a “globally recognized developer of hyper-realistic digital humans” used in artificial intelligence, entertainment and social networking. Last summer, for instance, the company formed a venture with retired boxer Floyd Mayweather to develop the athlete’s digital likeness for commercial applications.
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