David Gandler, the Chief Executive Officer of fuboTV Inc. (NYSE:FUBO), has sold a significant portion of his shares in the company, according to recent filings. On January 6, Gandler sold a total of 2,665,654 shares of common stock at an average price of $5.009 per share. This transaction amounts to approximately $13.35 million. The timing is notable as FUBO has shown remarkable momentum, with the stock posting a 331% return over the past six months and trading near its 52-week high of $6.45.
The sales were conducted as part of a pre-established Rule 10b5-1 trading plan, which was adopted on March 29, 2024. The shares were sold in multiple transactions at prices ranging from $4.98 to $5.17 per share.
Following these transactions, Gandler retains direct ownership of 346,817 shares of fuboTV. Some of the shares sold were held indirectly through various trusts, where Gandler has voting and investment power.
This move comes as fuboTV continues to navigate the competitive landscape of the streaming service industry. While the company has achieved impressive revenue growth of 24.45% over the last twelve months, InvestingPro data indicates the stock is currently trading above its Fair Value. Investors may interpret this substantial sale as part of Gandler's broader financial strategy.
In other recent news, FuboTV (NYSE:FUBO) Inc. has been making significant strides in the streaming industry. One of the major developments is the impending merger between FuboTV and Walt Disney (NYSE:DIS) Co., which aims to integrate Disney's Hulu + Live TV service into FuboTV, forming a new venture. Disney will own 70% of this new entity, with FuboTV holding the remaining shares.
In addition to the merger, FuboTV has expanded its offerings by partnering with NBCUniversal to launch 18 free ad-supported television channels. These channels will enhance Fubo's existing lineup with a broad range of sports, entertainment, news, and Latino programming. FuboTV has also introduced new interactive Connected TV ad formats, aimed at enhancing audience engagement and potentially increasing purchase intent.
Financially, FuboTV reported a 21% year-over-year growth in total revenue for the third quarter of 2024, reaching $377 million, and a 9% rise in paid subscribers, totaling 1.613 million. However, the company faced an 11% dip in advertising revenue due to challenging year-over-year comparisons.
In terms of future projections, FuboTV provided Q4 2024 North America subscriber projections between 1.665 million and 1.705 million, with revenue guidance ranging from $426 million to $446 million. These developments underscore FuboTV's resilience and adaptability in the fast-paced streaming industry.
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