Fubo TV, an Internet pay TV package provider, is looking for a new CFO.
In a filing with the SEC tonight, the company said it had reached an agreement with Simone Nardi to move to an advisory role. “After successfully listing the company on the New York Stock Exchange, Mr. Nardi intends to pursue other opportunities,” the document says.
The exact timing of Nardi’s transition to his current role has not been established. The last thing the transition would happen would be on December 31st. The parties agreed to the plan on June 29, according to the filing.
Nardi, who previously held executive positions at NBCUniversal and Scripps Networks Interactive, joined Fubo in March 2020. The company went public in October of that year.
Fubo competes with Hulu, YouTube, Sling, and a few other streaming packet players. He has long emphasized sports and has recently made moves to expand into betting.
Its shares lost about 3% during the trading day, closing at $ 30.06, roughly triple its IPO level. In recent weeks, the stock has entered positive territory for 2021 to date, but has been prone to volatility as investors and analysts debate the company’s outlook. A startup with initial backing from various media companies, Fubo launched its pay TV service in 2015. The Bulls say it is well positioned to take advantage of the cable cut and the general shift toward streaming. The bears note the deep pockets of tech rivals, as well as the inherent economic challenges of multi-channel distribution, often requiring price increases to cover the rising costs of transportation deals.
While preparing to go public, Fubo installed a familiar figure in media circles as its CEO: Edgar Bronfman Jr., a former head of Warner Music Group and Seagram.