FuboTV isn’t slowing down as it strives to become the world’s go-to sports-first live TV platform.
The popular streaming service has acquired French OTT leader Molotov SAS for approximately $190 million. The agreement includes a cash portion and equity consideration. The deal is still subject to approval but is expected to close sometime next quarter.
Fubo (NYSE: FUBO) is increasing its global footprint by taking over France’s largest live-streaming company. The cable TV alternative, which originally launched as a streaming soccer service in 2015, will now be available in France, along with Canada, Spain and the United States.
Boosting its reach across linear and non-linear platforms, Fubo will inherit Molotov’s 16 million users in a move that leverages the company’s worldwide reach in countries including Senegal and Ivory Coast.
Molotov said it will keep its roughly 100 employees on, with plans to bolster the current product and engineering team in Paris, where the company will continue to be headquartered.
Founded in 2015, Molotov has gained momentum as a TV alternative, but the company wasn’t merely satisfied with distribution service offerings. The startup last year launched Molotov Solutions, a B2B service provider that offers technology solutions to third-party clients.
Fubo, meanwhile, is moving forward on its global expansion strategy after a solid third-quarter performance in which the company grew closer to the 1 million total paid subscriber milestone. Fubo’s 944,605 users represent 108% subscriber growth between July and September of 2020. The New York-based company also increased revenue 156%, to $156.7 million, while advertising revenue grew 147% from the same period last year.
This month, Fubo Gaming, a subsidiary of Fubo, officially launched Fubo Sportsbook in Iowa, with plans to add more states. The purpose-built mobile sportsbook will integrate on FuboTV’s live streaming platform. The Chicago-based company has deals with the Cleveland Cavaliers, New York Jets and NASCAR.