Sky Plc and 21st Century Fox Inc. invested $6 million each to FuboTV. The startup is U.S. company that sells sports and entertainment channels over the Internet via streaming technology.
Along with Sky and Fox, other investors also participated in the $15 million Series B funding. They are former chairman of Warner Music Group, Edgar Bronfman Jr., a partner at ICM Partners Chris Silbermann, and former commissioner of the National Basketball Association, David Stern. Along with individual investor three venture capitals also participated, DCM Ventures, Luminari Capital and LionTree Partners.
Founded in 2014, FuboTV provides an Over-the-Top (OTT) Internet TV service dedicated to soccer/football live sports cable service for its subscribers. It also provides other entertainment such as TV series, documentaries & news. The founders are trio Alberto Horihuela, David Gandler, and Sung Ho Choi. Prior to its Series B funding, FuboTV has raised $5.58 million in three funding rounds.
Bloomberg reported that currently the company has gained 40,000 U.S. customers which pay $9.99-a-month service. The programmings offered by FuboTV mainly attract young viewers and also men of Latin American descent. The company offers live soccer and other sports in English, Spanish and Portuguese from International sports channels such as Univision Networks, beIN Sports and BenficaTV.
On Thursday, two of the most prominent and largest broadcasters of live sporting events Sky and 21st Century Fox invested $6 million each to the company in Series B funding along with other investors.
"The support from two of the most prominent media companies in the world strongly positions fuboTV to meet the demands of the quickly evolving sports rights ecosystem," FuboTV CEO David Gandler told Business Wire. "Investment from 21st Century Fox, Sky and the prominent individuals and organizations part of this Series B round demonstrates our potential to become leaders among linear OTT services."
Los Angeles Times quoted Executive VP of Business Operations and Development for Fox Networks Group Ravi Ahuja, "We are very impressed by the FuboTV management team and the great progress they have made in a very short time."
While Director of Corporate Development & Strategic investments at Sky Emma Lloyd also expressed similar sentiment, "We're really excited to be investing in fuboTV. This investment will provide Sky with real insight and we look forward to working with the fuboTV team as they continue to explore new opportunities for growth."
Fox and Sky have inclined toward digital media to complement their broadcasting service. Previously, Sky invested $45 million in Iflix, while Fox owns minority shares in Vice Media Inc. Both companies are part of media holdings owned by billionaire Rupert Murdoch.
Sky Plc and 21st Century Fox Inc. participated in Series B funding for FuboTV with $12 million investment. With the investment, the companies expand their market into Internet TV to strengthen their positions as the largest live sport event broadcasters.
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