Edgar Bronfman Jr., former chairman/CEO of Warner Music Group, has been appointed executive chairman of FuboTV, the over-the-top TV and virtual entertainment tech company.
The new FuboTV is the result of the merger of FuboTV and Facebank Group, which closed April 2. FuboTV launched its internet pay-TV service in 2017, and had about 290,000 subscribers at the end of last year, per Cowen & Co. estimates. Meanwhile, Facebank develops “hyper-realistic digital humans,” based on the likenesses of celebrities and sports stars.
Bronfman, who also has been named to FuboTV’s board of directors, will help advise the company on the strategic direction of the live TV streaming platform. Bronfman is both a direct investor in FuboTV as well as an investor through Waverley Capital, a venture capital group he co-founded with Daniel Leff.
“Edgar was an early champion of FuboTV and I am thrilled he has agreed to this increased role with the company,” co-founder and CEO David Gandler said. “As we expand through organic growth and opportunistic acquisition, Edgar’s strategic guidance will be invaluable.”
Bronfman commented, “I believe FuboTV has a great future. I look forward to working with David to build on the tremendous success FuboTV has already achieved as the opportunities for OTT networks continue to expand and accelerate.”
Under the terms of Facebank’s acquisition of FuboTV, Facebank said it obtained a line of credit of $100 million for the benefit of FuboTV. The company’s stock is currently traded over-the-counter; in the near future, the new FuboTV intends to uplist to a major stock exchange.
Bronfman currently serves as managing partner at private-equity firm Accretive LLC and executive chairman of Global Thermostat, a company designed to develop and commercialize technology for the direct capture of carbon dioxide. Bronfman headed Warner Music Group from 2004-12, and previously was executive vice chairman of Vivendi Universal. He also served as president and CEO of the Seagram Co.
“Edgar’s unparalleled expertise and prominence in the media industry combined with his track record of prescient moves in the digital media space make him the perfect choice to lead FuboTV’s board,” John Textor, co-founder and former CEO of Facebank Group, said in a statement.