FuboTV Names New CEO as Subscriber Losses Deepen
FuboTV swapped its co-founder CEO for former Disney+ chief Alisa Bowen the same week revenue growth stalled to 1% and North America subscribers fell to 5.7 million.
FuboTV (FUBO) named Alisa Bowen, the former president of Disney+, as chief executive effective July 10, 2026, replacing co-founder David Gandler, who had signed every prior quarterly shareholder letter since the company's public listing.
The leadership change landed alongside a second-quarter report that showed the streaming service's post-merger momentum losing steam. Revenue growth, which ran at 6% year over year in the first quarter, slowed to 1% in the second, and the company's cash balance fell by more than $214 million in three months.
Second-quarter revenue came in at $1.574 billion, up 1% from $1.564 billion in the year-ago pro forma period but down from $1.683 billion in the first quarter of fiscal 2026. North America subscribers, the business the company has staked its guidance on, dropped to 5.7 million from 6.2 million in the prior quarter and from 5.9 million a year earlier. Advertising revenue softened in step, falling to $101.6 million from $123.5 million in the first quarter, even as it held flat against the year-earlier period.
Profitability told a more mixed story. Net loss narrowed for a third consecutive quarter, to $6.2 million from $19.1 million in the first quarter and $38.8 million in the fourth quarter of fiscal 2025. Adjusted EBITDA slipped sequentially to $37.7 million from $41.4 million but remained far above the $1.4 million posted in the year-ago quarter, and the adjusted EBITDA margin held near 2.4% to 2.5% across the first two quarters of fiscal 2026, up from a range of 0.3% to 2.1% in the three quarters before that.
The cash decline traced in part to a January 14 debt transaction: Fubo repurchased $140.2 million of its 3.25% convertible senior notes due 2026, funding the buyback with a $145 million term loan. The move reduced near-term refinancing risk but consumed a large share of the balance sheet in the same window that subscriber and advertising trends turned lower.
Fubo introduced formal financial guidance for the first time in its April 6 release, targeting $80 million to $100 million in pro forma adjusted EBITDA for fiscal 2026 and at least $300 million in adjusted EBITDA by fiscal 2028, a reversal from the prior quarter's stance that it would keep deferring guidance. The company reiterated both targets unchanged in its May 6 release, giving no indication that the second-quarter slowdown in revenue and subscribers had altered its outlook.
Bowen's appointment puts new leadership in charge of defending guidance issued before the subscriber declines and cash drawdown were visible, with the company's next report likely to show whether the targets still hold.