A：The business combination of Fubo with Hulu Plus Live TV forms one of the largest live TV streaming services in America, creating a company with nearly 39 million subscribers and positioning Fubo as the sixth largest TV company according to recent UBS estimates. It is a defining moment for the team and shareholders, marking the culmination of years of innovation and execution.

A：Fubo's standalone third quarter results show strong performance with 1.63 million paid subscribers in North America, $368.6 million in total revenue, and meaningful improvements in net loss and adjusted EBITDA, including positive adjusted EBITDA for the second consecutive quarter. The company also experienced increased trial starts and improved conversions from trial to paid, as well as reduced marketing spend despite a competitive sports quarter.

A：Fubo's success is attributed to its mission of delivering must-have programming through a flexible, value-forward experience, making live content more accessible and valuable. Fubo's channel store concept simplifies viewing by integrating third-party premium services, while initiatives like the Fubo Sports Skinny service and the expansion of pay-per-view sales demonstrate its ability to innovate and scale engagement.

A：Market defining features and personalization capabilities offered by Fubo include multi-view game highlights, game alerts, push notifications, and the ability to catch up to live. These features are designed to increase engagement and make watching sports easier and more entertaining.

A：The business combination with Hulu Plus Live TV is expected to create unprecedented opportunities for Fubo, providing a stronger platform for growth and profitability. The combined company will offer a broad set of sports and entertainment programming, giving families flexible ways to tailor their spending while broadening access to the best content.

A：Financial highlights for the third quarter in North America include total revenue of $368.6 million, a decrease of 2.3% year over year, and 1.63 million paid subscribers, a 1.1% increase year over year. Globally, the rest of the world reported revenue of $8.6 million, and the company ended the quarter with 342,000 paid subscribers.

A：Advertising revenue for Fubo in North America totaled $25 million, down 7% year over year, primarily due to the absence of certain ad insertable content and one-time benefits in the prior year period. However, dynamic ad experiences are driving greater engagement, as evidenced by a 150% year-over-year growth in non-video formats such as pauses, ads, and branded activations.

A：The company reported a net loss of $18.9 million, or 6 cents per share, which is an improvement from the prior year's loss of $54.7 million, or 17 cents per share. Adjusted EBITDA was positive at $6.9 million, representing a year-over-year improvement of more than $34 million, and marking the second consecutive positive adjusted EBITDA quarter. Expenses have approached parity with revenue, reflecting the benefits of disciplined content spending and ongoing focus on scalable growth.

A：Net cash used in operating activities was $6.5 million, a $1 million increase from Q2, but free cash flow decreased by $8.3 million compared to the prior year. The decrease in free cash flow was driven primarily by working capital timing. Despite this, the company ended the quarter with a solid liquidity position and balance sheet flexibility, including over $280 million in cash.

A：The new advertising relationship with Disney will have an impact on the advertising side of the business. Disney is taking over advertising sales and will handle the ad sales for Hulu's subscriber base, with revenue reported net of the ad sales. The details of the impact on the entire subscriber base were not specified in the transcript.

A：The differentiating factors between Hulu and fubo include sports identity, branding, and delivering capabilities for sports fans. Hulu has been focused on general entertainment with sports included, and it is important to maintain optionality and flexibility for consumers. Hulu offers programming not available on fubo, including top quality networks. The decision to maintain both services is part of a strategy dating back 18 to 20 months ago.

A：The year-over-year reduction in sales and marketing costs was achieved by having a 24% increase in net adds on a year-over-year basis. This was partly due to a higher number of offers in the market, including the fubo channel store, skinny bundle, pro, and elite offers. The company has also started to leverage AI for channel optimizations and creative testing. Marketing efforts were disciplined, especially considering the expensive nature of third-quarter marketing, and the company aimed to maintain its target subscriber acquisition cost within the 1 times ARPU range.

A：The skinny bundle has seen 20% sequential subscriber growth, suggesting a positive dynamic and limited cannibalization. At launch, the reach was about one-third of the country, and it is expected to reach full distribution by the end of the year. Early data indicates strong performance with better-than-average retention and lower churn relative to lead. This success is not limited to the bundle but is a strong quarter for all offers, with the bundle achieving trial starts conversion to pay and a reduction in net churn in its early days.

A：The company's world-class marketing team allocated the Q3 marketing budget in a manner that ensured scalable profitability. They managed the different offerings in real time to drive both top and bottom-line results.