Fubo is a sports-focused live TV streaming service, or "virtual MVPD," that delivers a bundle of 100+ live channels — spanning sports, news, and entertainment — over the internet as a cable TV replacement. The core value proposition is live sports, including major professional leagues, college sports, and Regional Sports Networks for in-market games. Fubo sells directly to consumers primarily in the U.S., with smaller operations in Canada, Spain, and France (via the Molotov platform). As of year-end 2024, Fubo had approximately 1.7M paid subscribers in North America and approximately 362,000 in the Rest of World. Fubo generates revenue through subscriptions (the large majority) and advertising. Subscribers pay a monthly fee, and ARPU grows through price increases and upselling add-on channel packs, DVR upgrades, and extra streams. Fubo also sells ads within its live streams, benefiting from unskippable, sports-focused inventory. The economics are challenging: content costs run at roughly 87-90% of revenue, keeping gross margins thin. Fubo has a pending business combination with Disney's Hulu + Live TV, under which the combined entity would hold a 70%/30% economic split favoring Hulu, operate both brands separately, and rank as the sixth largest pay TV provider in the U.S. The deal is partly motivated by gaining scale to improve content cost negotiations with major programmers. Fubo is also building out tiered offerings, including a free ad-supported tier and a forthcoming lower-priced sports-focused skinny bundle.