Los Angeles: Sky Plc and 21st Century Fox Inc., two of the largest broadcasters of live sporting events, invested $6 million apiece in FuboTV, a US company that sells a cable TV like package of sports and entertainment channels over the internet.
FuboTV, which has more than 40,000 US customers, offers live soccer and other sports in English, Spanish and Portuguese from channels such as Univision Networks, beIN Sports and BenficaTV, the company said in a statement announcing the latest funding. Fox and Sky both get board positions with their equity investments.
As more viewing moves online, Fox and Sky have invested in digital media that complement their linear TV channels. Sky announced a $45 million investment in the Asian streaming service Iflix. Fox holds a minority stake in Vice Media Inc., which produces news and lifestyle programming for TV and the web. Both Fox and Sky are part of billionaire Rupert Murdoch’s extensive media holdings.
Fubo’s $9.99-a-month (Dh36.69) service offers programming that appeals mostly to young viewers, many of whom don’t pay for cable, and men of Latin American descent, the company said. While Netflix Inc. and Amazon.com Inc. have attracted some of the top creators in Hollywood to produce movies and TV shows for the web, the biggest sporting events are primarily watched live on television.
Fubo plans to use the proceeds to expand its programming, to offer new features and for marketing to attract subscribers. Other investors in Fubo’s $15 million funding round include Edgar Bronfman Jr., who is the former chairman of Warner Music Group, Chris Silbermann, a partner at ICM Partners, and David Stern, former commissioner of the National Basketball Association, as well as DCM Ventures, Luminari Capital and LionTree Partners.
The company, which started in January 2015, has raised a total of $20.6 million in funding to date, according to the statement. Neither Fox nor Sky is currently licensing programming to FuboTV.
