Fox, Scripps Join $55 Million Round for FuboTV Streaming StartupBy
21st Century Fox Inc., Sky Plc and Scripps Networks Interactive Inc. participated in a $55 million funding round for FuboTV, a startup that offers an online, cable-like TV package with a focus on sports fans.
The round, led by venture-capital firm Northzone, will help FuboTV expand its channel lineup and improve its technology, the company said in a statement. The startup’s English-language package, currently $35 a month, includes channels from Fox, NBCUniversal and A+E Networks but not Scripps, which owns HGTV and Food Network.
Online packages like FuboTV’s are proliferating as more people shut off their cable and satellite service, forcing network owners such as New York-based Fox and Knoxville, Tennessee-based Scripps to find new ways to reach viewers. Dish Network Corp.’s Sling TV, Sony Corp.’s PlayStation Vue, AT&T Inc.’s DirecTV Now and new offerings from YouTube and Hulu LLC are competing against FuboTV for users, all with slightly different channel lineups and prices.
Fox and Isleworth, England-based Sky previously led a $15 million funding round for FuboTV last year. Other investors include former Warner Music Group Chairman Edgar Bronfman Jr., former National Basketball Association Commissioner David Stern and Univision Communications Inc.