Disney Acquires a Substantial Stake in FuboTV-Owner FaceBank Group
Disney (NYSE: DIS) and FaceBank Group (OTC: FUBO) revealed in a regulatory filing late Monday that Disney had purchased a sizable stake in FaceBank, the parent company of live-TV streaming platform FuboTV. Disney bought convertible preferred stock worth 6.63 million shares of FaceBank Group's common stock, which would represent a nearly 16% stake in the company.
That ownership stake will be fluid, however, as FaceBank also filed a form S-1 with the Securities and Exchange Commission (SEC) yesterday, detailing plans for a secondary stock offering. The company listed $100 million as the amount it hopes to raise, though this figure is typically a placeholder that is updated in a successive filing.
Image source: Getty Images.
Source Fool.com
