FuboTV Inc. Liquidation Value

FuboTV Inc. (FUBO) as of March 31, 2026 presents a deeply negative liquidation recovery posture for equity holders. Under liquidation-lens haircuts, the asset side collapses materially: goodwill of $2.61B carries zero recovery value, finite-lived intangibles of $402.7M net ($461.9M gross) carry zero recovery, and PP&E net of $5.9M recovers perhaps 50-70% or roughly $3-4M. The only meaningful asset-side recovery is cash and cash equivalents of $237.8M (100%) plus restricted cash of $6.1M, plus receivables embedded in current assets. Total reported assets of $3.98B shrink to a recoverable pool of perhaps $300-350M after applying standard liquidation haircuts to the intangible-heavy balance sheet.

The liability stack at face value is $1.33B in total liabilities, but this materially understates the liquidation claims. Consolidated indebtedness is $323.0M: $177.5M in 2029 Convertible Senior Secured Notes (senior, secured by substantially all assets including IP), $145.0M Disney promissory note (senior unsecured), and approximately $0.5M in other notes. The 2029 Notes rank senior secured, meaning their claim on the already-impaired tangible asset pool comes first. Current liabilities of $908.0M include $847.6M in accounts payable and accrued liabilities, $68.5M deferred revenue (extinguishes on wind-up, no cash outflow), $2.9M current operating lease, and other items. Operating lease total undiscounted obligation is $44.7M ($33.1M present-value liability on balance sheet), which does not extinguish on wind-up. Additionally, the Redeemable Noncontrolling Interest carrying amount of $1.843B (Hulu's Newco Units) sits outside of GAAP equity but represents a structural claim on assets ahead of Class A common equity under the operating agreement redemption mechanics.

The MFFAIS-computed liquidation value is -$700.5M, consistent with this analysis. The primary drivers of negative recovery are: (1) goodwill of $2.61B with zero liquidation value, representing 65.7% of total assets; (2) intangibles of $402.7M with zero liquidation value; (3) a $1.843B redeemable NCI that represents Hulu's economic claim ahead of public shareholders; and (4) operating cash burn of $412.4M in the six months ended March 31, 2026. The Company conducted an interim goodwill impairment test as of March 31, 2026 following post-Business Combination stock price declines, concluding the reporting unit's fair value exceeded carrying value by only 3.6% — a thin margin that represents a near-term impairment risk. The filing does not separately tag streaming content commitment obligations in XBRL; MD&A discloses multi-year non-cancelable content and talent agreements that would not extinguish on wind-up, representing additional unquantified liquidation liabilities. The Tax Receivables Agreement with Hulu, described as potentially substantial, also lacks a separate balance-sheet tag and is not quantified in this filing.