Hello, and welcome to the FuboTV business update. All lines have been placed on mute to prevent any background noise. After the, my apologies, after the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, please press star one on your telephone keypad. I would now like to turn the conference over to Amit Patt, SVP of FP&A Corporate Development and Investor Relations. Please go ahead. Thank you. Good morning, and thank you all for joining us to discuss this morning's announcement. With me today is David Gandler, co-founder and CEO of Fubo, and John Janedis, CFO of Fubo. An accompanying presentation can be found on the Investor Relations section of our website at ir.fubo.tv. Before we begin, I would like to remind everyone that the following discussion may contain forward-looking statements within the meaning of the federal securities laws, including but not limited to statements regarding the combination of Hulu + Live TV and Fubo and related transactions, our anticipated structure and operational and financial performance following the combination, anticipated fourth quarter and full year 2024 results, and our settlements with the Venu sports partners. These forward-looking statements are subject to certain risks, uncertainties, and assumptions. Important factors that could cause actual results to differ materially from forward-looking statements are discussed in our SEC filings as well as the 8-K filed this morning in connection with the announcement. During the call, we may also refer to certain non-GAAP financial measures. Further information on these non-GAAP financial measures is available in the accompanying presentation. Please also note that the company will not be addressing any questions regarding fourth quarter 2024 performance. With that, I'll turn it over to our CEO, David Gandler. Thank you all for joining us today. I'm thrilled to share that this morning we announced that we have signed an agreement with the Walt Disney Company to combine its Hulu + Live TV business with Fubo. This transaction represents an incredible opportunity to build a consumer-first live TV streaming company. Upon close, Disney will hold a 70% interest in Fubo, with Fubo shareholders owning the remaining 30%. The combined business will operate under the Fubo publicly traded company and will be led by Fubo's management team. At deal close, our company is expected to become immediately cash flow positive, instantly making Fubo a major player in the streaming space. With over 6.2 million subscribers in North America and over $6 billion in revenue, Fubo will be well positioned to fairly compete with our peers. In connection with this agreement, we have announced the signing of an amended carriage agreement with Disney, effective immediately, enabling us to deliver flexible, innovative, and competitive content packages to consumers, particularly around sports. As a result, we have settled all litigation against Disney, Fox, and Warner Bros. Discovery, the Venu sports partners. This agreement also provides $220 million in immediate cash, plus $145 million in committed financing available in January 2026, enhancing our liquidity. This ensures we can continue investing in our business and close out our 2026 convertible notes without diluting equity holders. We are delighted by today's outcome. Fubo's increased scale means we have the flexibility to pursue diverse growth strategies, opening up a range of opportunities both domestically and internationally. We will also be able to further realize our super aggregation strategy through the continued offering of the separate Fubo and Hulu + Live TV brands. Hulu + Live TV will remain an entertainment-focused cable replacement service, while Fubo will continue to be focused on sports and news. Fubo will now be able to provide even more sports, including ESPN+, through amended distribution agreements with Disney as well as Fox. And crucially, Fubo has the potential to create skinnier sports news and entertainment bundles according to consumer needs. Fubo's strengthened position also means we expect to negotiate improved content licensing agreements with all programmers. With more competitive licensing terms, we expect to return money to consumers in the form of increased value and better content offerings. We are also pleased with our performance in 2024 and, based on preliminary results, expect to deliver fourth quarter revenue and subscribers within our previously issued guidance range. Since Fubo's beginning, our goal has been to offer a streaming product with choice, competitive pricing, and more innovation, with fair competition for the benefit of consumers. We believe today's news demonstrates that we're delivering on that promise to build a better product for consumers with more packaging flexibility, more content offerings, increased innovation, fair pricing, and more choice, and most importantly, we believe we are one giant step forward to realizing our vision of being a player in a competitive industry where consumers will win. With that, I will turn it over to John. Thank you, David. And good morning, everyone. We are very excited to bring these companies together. As David mentioned, upon close, Disney will hold a 70% interest in NewCo, with Fubo shareholders owning the remaining 30%. This equity split accounts for on- and off-balance sheet assets and liabilities, including the value of Fubo's net operating losses. At closing, the combined company is expected to have over 6.2 million subscribers in North America and over $6 billion in revenue. By 2028, the combined company is projected to have revenue of over $7.5 billion and a run rate adjusted EBITDA of over $550 million. Importantly, the terms of the transaction include a cash injection to Fubo of $220 million upon signing. In addition, Fubo is provided with a $145 million senior unsecured term loan available in January 2026 at attractive terms. This will provide added financial flexibility to our balance sheet ahead of the February 2026 maturity of our convertible notes. The transaction also includes a termination fee of $130 million payable to Fubo under certain circumstances, including if the transaction does not close. With the $220 million cash injection and cash on hand, Fubo will start 2025 with more than $1 per share of cash on our balance sheet, resulting in an enhanced credit profile, affording the company a more flexible capital allocation strategy. I also want to congratulate our team on our strong performance. As David noted, based on preliminary results, we expect to report North America and Rest of World revenue and subscribers for the fourth quarter and full year 2024 within our previous guidance range. With that, we will now open it up for Q&A. Operator. Thank you. If you would like to ask a question, please press star one on your telephone keypad. We ask that you please limit yourself to one question, please. Thank you. Your first question comes from the line of Clark Lampen with BTIG. Your line is open. Clark, your line is open. Perhaps you're on mute. Hi. Can you guys hear me? Yes. Hi. Sorry about that. John, I wanted to see if you could give us any update on the timing of some of the content licensing agreements that you guys have coming up in front of you. Pro forma, is that something that we might be able to see addressed in 2025, 2026? Is it later stage? How many of those have been recently renewed and sort of nailed down? Yeah, sure. Clark, look, as you know, we don't get specific on licensing agreements and timing. What I can tell you is, as you saw today, we have new license agreements with a couple of companies, meaning Disney and Fox. Beyond that, we tend to have one or two agreements that come up annually, but I can't give you more than that. The next question comes from Kutgun Maral with Evercore ISI. Your line is open. Good morning, and thanks for taking the question. First, David, for the last decade, you've been building and operating this company in a sea of much bigger players. Together with Hulu Live TV, you'll become one of the largest and perhaps fastest-growing pay-TV distributors in the U.S. So as your place in the ecosystem shifts so meaningfully, can you talk a little bit about how you expect your operating philosophy or strategy and opportunities ahead will shift under this new scale and structure? I know you called out a number of diverse opportunities and hinted at something perhaps internationally. Any other color would be appreciated. Thanks. Yeah. Thank you for your question. You're right. We have been operating very efficiently, very effectively over the last 10 years. But this today, this announcement is a very exciting moment, not only for the company, its shareholders, but more importantly, for consumers. $6 billion of revenue, a growth profile like ours, allows us to really leverage capabilities that our new partner can offer. So a scaled business means we'll be able to negotiate better programming deals, which will result in further flexibility and really give us a chance to build a business that consumers are interested in. And I think that will make us a very competitive player. We also feel that there's opportunities around our advertising business, given our partner's scale. To be able to be part of something like that, I think, will also create a significant value around the advertising business. There are marketing efficiencies. And I think one of the most valuable pieces of this is that Hulu + Live TV is embedded within the Hulu product, which has significant advantages, particularly around retention. So being able to really access a lot of these resources will create an expansive array of opportunities, both across it could be selective programming opportunities in terms of acquisition. Clearly, around growth, we have now better opportunities and more money to focus on promotional pricing to really drive growth. I think overall, this is going to create a very competitive and exciting environment, and we're preparing ourselves for our growth stage. The next question is from Michael Pachter with Wedbush. Your line is open. I did not ask to place a question, so it's passed. Thank you. Thank you. Your next question comes from Laura Martin with Needham. Your line is open. Hi. Can you hear me okay? Good morning, Laura. Yes. Hi. Great. Good morning. Well, congratulations. What a big deal. Congratulations. When you think about the revenue opportunity and the cost savings, does this help you? Does this make you more competitive on the gross margin, do you think, from combining these two companies, given that you're so many more subs now? You should scale up in terms of helping with the content costs for your negotiations going forward. Yeah, Laura, this is John. I'll start. So to your point, you know where our margins sit. And certainly, on a combined company basis, the opportunity within is significant. And so over time, I don't want to get too specific, but as you may have seen in the deck, we think that on a combined basis, we can have adjusted EBITDA north of $550 million. And that EBITDA will ramp immediately in terms of when the deal closes. And they ramp pretty meaningfully annually each year for year one, year two, and year three. And so we're actually pretty excited. In terms of synergies, actually, it's interesting that you kind of asked on that because as of now, the synergies we're looking at are on the content/programming side. And so we think that leverage will help. There's some visibility on that. Secondly, there's, I think, some opportunity, as David referenced earlier, on the ad side. But that's all we really have baked in. And so there could be significantly more as we get closer to close or post-close and look at what else we can do. So we're actually excited about that. The next question comes from David Joyce with Seaport Research Partners. Your line is open. Thank you. I was just wondering what the longer-term glide path would be on the international side, given that Disney and ESPN might have rights. Is there anything that would be expanding your purview past the live TV aspect of this combination? Yes. Sure. I'll take that. Look, I think Fubo has spent the last 24 months building out capabilities to allow us to scale quickly and efficiently across the globe. I think philosophically, we are aligned with The Walt Disney Company on the importance and potential of international. At this time, I would say it's somewhat early for us to discuss that. But again, philosophically, I think we're aligned that there's an opportunity to take a big slice of the global pay-TV market. The next question comes from the line of Patrick Sholl with Barrington Research. Your line is open. Hi. I was just wondering if you could provide a little bit more detail on the combined adjusted EBITDA in terms of the contribution of the greater scale versus the revised programming agreements? Patrick, this is John. I would say at this point, it's early to give you a specific number on that. I would say in the short term, we think that the scale and the programming agreements is the bigger piece. The ad sales piece would be secondary. And then, as I mentioned, I think in the earlier question, others will be on the come, but I would say that we're not going to size them yet. The next question comes from Nikhil Aluru with J.P. Morgan. Your line is open. Hey, guys. Good morning. Thanks for taking the question and congratulations on the transaction. I was just hoping you could elaborate on the rationale of keeping the platform separate for now, and if over time in your roadmap, they could be combined or sort of be different tiers, just any thinking on that would be great. Thanks. Yeah, I'll take that. Well, I think one of the most important things is we are now stewards of an iconic brand with respect to Hulu. The Hulu live product, as you know, is embedded into Hulu SVOD. And so that gives us a lot of value with respect to maintaining retention. And so I think having two separate platforms today, obviously, is not ideal. We believe that there are synergies on the back end in areas like broadcasting and transmission, CDN, etc. But at the moment, I think we want to really focus on providing consumers with choice. And the Hulu product, as I said in my opening comments, is really focused on providing a full entertainment bundle of sports, news, and entertainment. And Fubo will continue to focus on its sports-first service with the ability to launch skinnier sports bundles. So for us, this makes a lot of sense. It really is centered around our super aggregation strategy. We want to be able to provide consumers choice. We want to be able to provide consumers with different price points all across and along the demand curve. But over time, we think that we'll continue to provide you more information around potential synergies. But clearly, these are two very similar businesses, so we think there's a lot of synergy there. Your final question comes from the line of Thomas Shinsky with Cantor Fitzgerald. Your line is open. Hi, guys. Thank you for taking my question. I guess mentioned previously in the prior question, but when we think about the skinnier bundle option, should we be thinking of that kind of how advertised as Venu Sports put it, more so like a $40 price point and premium options there? Or how should we be thinking about the skinny bundle option? I think the name speaks for itself. It's going to be skinnier. So as a result, it will be a lower-cost bundle with fewer networks in there. We haven't actually worked on what that might be. We've been very focused over the last three weeks on amending our agreements to allow us to create these skinnier bundles. So as you know, we still have other programming deals, and we have to work through those as well. But the most important thing is that we now have these opportunities within these amended agreements with both Disney and Fox. And we look forward to building out the packages that people enjoy, desire, and are affordable. This concludes the question and answer session and does conclude today's conference call. We thank you for joining. You may now disconnect your line.