The latest financial results comes as Fubo combines its video service with Hulu + Live TV to shake up the streaming TV business.Fubo ended its third quarter with 1.63 million North American subscribers, up 1 percent against a year-ago 1.61 million North American customers, the sports-first streaming service reported on Monday.
Unveiling its latest financial results, Fubo had 1.35 million North American subscribers in the second quarter of 2025. Fubo, which has just closed a deal with Disney to merge with the Hulu + Live TV business, saw its third quarter revenue fall 2 percent to $368.6 million, compared to a year-ago $374.7 million.
During the latest quarter, the net loss attributable to shareholders for Fubo was trimmed to $18.8 million, against a year-earlier loss of $52.4 million attributable to shareholders. The Disney transaction aims to shake up the streaming TV business, and also comes as Disney has seen its TV channels, including ABC and ESPN go dark on YouTube TV, the streaming multichannel video provider.
“We’re not attempting to take advantage of that. We’ll let that play out as it will. And we’re focused on our own business here,” Fubo CEO David Gandler told analysts during a morning conference call when asked about any early impact on subscriber numbers after Disney channels went dark on YouTube TV.
Fubo and Hulu + Live TV will continue to be available to consumers under distinct brands, with Hulu continuing to be available in the larger Disney bundle. “The combination of Fubo and Hulu + Live TV forms on the largest live TV streaming services in America,” Gandler told analysts in prepared remarks during the morning call.
He pointed to Fubo tapping for the first time the ESPN ecosystem, including ESPN Radio and ESPN’s website, to grow its subscriber base. “Once part of the Disney ecosystem, all of our football, basketball, baseball, soccer, all of that inventory will likely move over, hopefully sooner than later,” Gandler added.
Fubo CFO John Janedis discussed the launch of Fubo Sports, a sports-focused skinny bundle in over 100 U.S. markets. “A couple months in, we see virtually no cannibalization, and we think it’s really expanding our addressable market,” he argued of better retention and lower churn metrics.
Disney Closes Deal Merging Hulu Live TV With Fubo
Disney and Fubo announced the closing of their deal merging Hulu + Live TV operations with Fubo, with Disney owning a 70% stake in the new company.
The newly combined Fubo and Hulu + Live TV business creates the second largest virtual pay-TV provider in the U.S., with nearly 6 million subscribers in North America. That trails only Google’s YouTube TV, estimated to have more than 10 million paying subs, which is currently involved in a carriage-renewal fight with Disney.
What Happened?
Shares of live sports and TV streaming service fuboTV (NYSE:FUBO) fell 10.6% in the afternoon session after the company reported third-quarter results that showed declining revenue and a significant increase in cash burn, even as it surpassed Wall Street’s earnings and sales estimates.
Although fuboTV’s adjusted earnings of $0.02 per share were better than the loss analysts had expected, investors focused on more troubling trends. Total revenue fell 2.3% year on year to $377.2 million. The most significant concern appeared to be the company’s cash usage, as free cash flow was a negative $9.41 million, a sharp deterioration from the negative $1.12 million reported in the same quarter last year. While the company’s domestic subscriber count grew slightly year on year, the falling revenue and increased cash burn likely prompted the negative market reaction.
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What Is The Market Telling Us
fuboTV’s shares are extremely volatile and have had 55 moves greater than 5% over the last year. But moves this big are rare even for fuboTV and indicate this news significantly impacted the market’s perception of the business.
The previous big move we wrote about was 5 days ago when the stock gained 5.5% on the news that the company announced it closed its previously announced business combination with The Walt Disney Company’s Hulu + Live TV business. The transaction created the sixth-largest Pay TV company in the U.S., with nearly 6 million subscribers across North America. Under the terms of the deal, Disney held an approximate 70% interest in the new entity, while existing Fubo shareholders retained about 30%. Despite the combination, both Fubo and Hulu + Live TV would continue to be offered as separate services. Fubo’s existing management team, led by CEO David Gandler, was set to operate the combined business. As part of the agreement, Disney also committed to provide a $145 million term loan in 2026 to support growth and integration.
fuboTV is up 141% since the beginning of the year, but at $3.40 per share, it is still trading 37.7% below its 52-week high of $5.46 from January 2025. Investors who bought $1,000 worth of fuboTV’s shares 5 years ago would now be looking at an investment worth $227.72.
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