Where Will FuboTV Stock Be in 3 Years?

Up until 2025, FuboTV (NYSE: FUBO) was something of an also-ran in the streaming wars. It was attempting to build an independent streaming service even as content giants like Walt Disney (NYSE: DIS) were building their own services. FuboTV has posted a lot of red ink and has less than 1.7 million customers to show for it. But things are likely to change materially now that FuboTV and Disney have inked a deal around Hulu. But what exactly will FuboTV look like in three years?

What has FuboTV achieved?

To be completely fair, FuboTV has actually done something pretty impressive. In a media world dominated by giant content companies like Disney, it has built a loyal subscriber base with an independent streaming service. Given the nature of subscriber services, that has created an annuity-like income stream for the company. Indeed, revenue has grown steadily over the past five years.

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FUBO Revenue (TTM) data by YCharts

That said, building a media business is not an easy task. And the growing revenue has not translated into a consistently profitable business. Simply put, it hasn't yet achieved the scale it needs to compete with the industry giants. More investment, largely on the content side, is needed. Based on this background alone, FuboTV probably isn't a particularly attractive investment choice.

But things changed at the start of 2025. That was when FuboTV and Disney announced that FuboTV would be merging with Hulu. FuboTV will run the combined businesses, but operate the two as separate entities. FuboTV's subscriber count is expected to rise to around 6.2 million once the deal is fully consummated.

FuboTV hits the big leagues, sort of

FuboTV's merger with Hulu will dramatically increase its size and scale. And the agreement comes along with a capital infusion of around $220 million. There's also the opportunity to take a loan from Disney to the tune of $145 million. So FuboTV will hit the ground with a pile of cash to support its larger operations. That's important since the company ended 2024 with roughly $160 million of cash on its balance sheet, down from about $245 million the year before.

But there's a bigger question here when you consider what FubuTV's business will look like in three years. Assuming the Hulu deal is completed, 70% of FuboTV's stock will be owned by Disney. And Disney will have the right to appoint a majority of the board of directors. And then there's that $145 million loan that Disney will have provided to FuboTV.

So in three years FuboTV won't really be a publicly owned company anymore. It will be publicly traded, but it will basically be controlled by Disney. That control will span multiple layers, given Disney's massive stock ownership, board control, and position as a lender to FuboTV. All in, FuboTV won't be in charge of its own business; Disney will be in charge, operating in the background to call the shots.

Why does this matter? Because FuboTV will be paying Disney for content, which is another feature of the Hulu merger. It is entirely possible that in three years FuboTV is still a money-losing business, but this time because it is paying lofty carriage fees for content from companies like Disney. And so long as FuboTV can keep the lights on (which doesn't necessarily require that it be profitable), Disney will have the ability to keep bleeding the company for cash.

This could be game changing, or not

This is clearly a cynical view of the Hulu deal. It is entirely possible that Disney is benevolent, showering FuboTV with care and support. But it seems more likely that Disney's desire to maximize its own profits will prevail and that, in three years, FuboTV's Hulu deal will turn out to be a big change that doesn't lead to a big financial profit. At least not for FuboTV.

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Reuben Gregg Brewer has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Walt Disney and fuboTV. The Motley Fool has a disclosure policy.