Fubo Loses Subscribers; Focused on Disney Deal Despite Antitrust Probe

Even with rising scrutiny over its proposed merger with ESPN parent Walt Disney Co., Fubo is full steam ahead. 

The streaming company said Friday that there has been no change in its plans to combine its operations with Hulu + Live TV and have Disney take a controlling interest. That pact, which included a $220 million payment by Disney to FuboTV and a $145 million loan scheduled for next year, helped resolve legal claims stemming from the introduction of the now-shuttered Venu Sports, the joint streaming service previously contemplated by ESPN, Fox, and Warner Bros. Discovery.

The combination, however, has since generated plenty of lawmaker scrutiny and was recently referred to the U.S. Department of Justice for investigation on potential antitrust issues.

Fubo remains confident in its ability to work through the regulatory reviews, and not only completing the Disney deal, but offering a new, sports-oriented streaming bundle stemming from that collaboration with Disney.

“We remain excited about our agreement with the Walt Disney Co. to combine Fubo with Hulu + Live TV and the potential to increase competition and consumer choice in the pay-TV space,” Fubo co-founder and CEO David Gandler said Friday in an earnings call. “We continue to work through the regulatory process and look forward to sharing more information when we are able. The streaming landscape continues to evolve and grow more fragmented, further demonstrating the importance and relevance of Fubo’s aggregation model.”

Fubo is targeting the release of its sports bundle, including content from non-Disney networks, for the fall.

“We are working hard to secure content from non-Disney programmers for the new service,” Gandler said. “It is critical for Fubo subscribers that we are able to negotiate content licensing agreements at fair rates and terms. Our goal remains to launch this service for the fall sports season.”

Broader Results

There may be an underlying reason for Fubo’s clear focus on closing the Disney deal, however, as its latest earnings report showed mixed results, with more near-term turbulence approaching.

The company reported $407.9 million in North American revenue during 2025’s first quarter, up 3.5% from the comparable period last year, while paid subscribers declined 2.7% to 1.47 million. 

Those results, representing the vast majority of its total business, met or exceeded prior guidance. Net income swung from a prior loss of $56.3 million to a gain of $188.5 million.

The future outlook, conversely, is worse as the second quarter is expected to yield a 10% decline in North American revenue to a range of $340 million to $350 million. Paid subscribers on the continent are expected to be at 1.23 million to 1.26 million, down 14%. Among Fubo’s more recent challenges has been the loss of a distribution agreement with TelevisaUnivision, cutting into its appeal with Spanish-language consumers.  

“Our goal has always been profitability, [and] profitability over growth,” Gandler said.

Investors dropped Fubo stock by 17% in Friday trading, with shares plummeting to $2.42 each, the lowest mark since the Disney deal was announced in early January. Disney, meanwhile, will make its next quarterly earnings report on May 7.