Earnings call transcript: FuboTV Q3 2025 beats estimates, stock rises

FuboTV Inc. (FUBO) reported its third-quarter 2025 earnings, surpassing analysts’ expectations with an EPS of -$0.06 compared to the forecasted -$0.09. The company also exceeded revenue projections, reporting $377.2 million against an expected $361.27 million. This earnings surprise led to a pre-market stock price increase of 4.76%, reaching $3.96.

Key Takeaways

• FuboTV reported a better-than-expected EPS of -$0.06, exceeding forecasts by 33.33%.
• Revenue reached $377.2 million, topping expectations and showing resilience despite a 2.3% year-over-year decline.
• The stock saw a notable pre-market rise of 4.76% following the earnings announcement.
• The company achieved positive adjusted EBITDA for the second consecutive quarter.
• FuboTV is expanding internationally, targeting markets like France.

Company Performance

FuboTV demonstrated resilience in Q3 2025, as it managed to exceed earnings expectations despite a slight decline in year-over-year revenue. The company maintained its growth trajectory in North America with a 1.1% increase in paid subscribers, reaching 1.63 million. The strategic focus on sports-centric streaming and innovative offerings like the Fubo Channel Store and Fubo Sports Skinny service contributed to its competitive edge.

Financial Highlights

• Revenue: $368.6 million, down 2.3% YoY
• Earnings per share: -$0.06
• Adjusted EBITDA: $6.9 million
• Cash Position: Over $280 million
• Advertising Revenue: $25 million, down 7% YoY

Earnings vs. Forecast

FuboTV’s actual EPS of -$0.06 beat the forecasted -$0.09, marking a 33.33% surprise. Revenue also surpassed expectations, coming in at $377.2 million against a forecast of $361.27 million. This performance reflects a positive deviation from previous quarters, indicating effective cost management and strategic growth initiatives.

Market Reaction

The positive earnings surprise spurred a 4.76% increase in FuboTV’s stock price during pre-market trading, reaching $3.96. This movement positions the stock closer to its 52-week high of $6.45, signaling strong investor confidence despite broader market volatility.

Outlook & Guidance

Looking ahead, FuboTV aims to achieve 30% gross margins and is exploring further international expansion. The company is leveraging its partnership with Disney to enhance advertising synergies and capitalize on Disney’s international subscriber base. Revenue forecasts for future quarters indicate continued growth, with projections of $403.2 million for Q4 2025 and $417.2 million for Q1 2026.

Executive Commentary

CEO David Gandler emphasized FuboTV’s ambition, stating, "We want to be the world’s largest live TV provider." He highlighted the company’s strategic use of streaming technology to create a more profitable TV product, asserting, "This is no longer a fairy tale."

Risks and Challenges

• Advertising Revenue Decline: A 7% drop in advertising revenue could impact future profitability.
• Market Competition: Intense competition from established streaming services may pressure subscriber growth.
• International Expansion Risks: Entering new markets like France poses regulatory and operational challenges.
• Economic Conditions: Macro-economic pressures could affect consumer spending on streaming services.

Q&A

During the earnings call, analysts inquired about the performance of the Skinny Bundle and the company’s international expansion strategy. Executives addressed potential synergies with Disney and highlighted growth opportunities in new markets.

Full transcript - Fubotv Inc (FUBO) Q3 2025:

Amit Patte, SVP of P&A, Corporate Development, and Investor Relations, FuboTV: Thank you for standing by, and welcome to the FuboTV Third Quarter 2025 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker’s remarks, there will be a question-and-answer session. If you’d like to ask a question during this time, simply press Star followed by the number one on your telephone keypad. If you would like to withdraw your question, again press Star one. Thank you. I’d now like to turn the call over to Amit Patte, SVP of P&A, Corporate Development, and Investor Relations. You may begin.

Thank you for joining us to discuss Fubo’s Third Quarter 2025 results. With me today is David Gandler, Co-founder and CEO of Fubo, and John Jenadis, CFO of Fubo. Full details of our results and additional management commentary are available in our earnings release and letter to shareholders, which can be found on the Investor Relations section of our website at ir.fubo.tv. Before we begin, let me quickly review the format of today’s call. David will start with some brief remarks on the quarter and our business, and John will cover the financials. We will turn the call over to the analysts for Q&A.

I would like to remind everyone that the following discussion may contain forward-looking statements within the meaning of the federal securities laws, including but not limited to statements regarding our financial condition, anticipated financial performance, expected synergies, and other benefits from our business combination, business strategy and plans, including our products and subscription packages, market, industry, and consumer trends, and expectations regarding growth and profitability. These forward-looking statements are subject to certain risks, uncertainties, and assumptions. Actual results could differ materially from our current expectations, and we may not provide updates unless legally required. Potential factors that could cause actual results to differ materially from forward-looking statements are discussed in the earnings release we issued today, our letter to shareholders, and in our SEC filings, all of which are available on our website at ir.fubo.tv.

Except, as otherwise noted, the results we are presenting today are on a continuing operations basis, excluding the historical results of our former gaming segment, which are accounted for as discontinued operations. Please note also these results reflect Fubo’s standalone operations prior to the recent completion of our business combination with The Walt Disney Company’s Hulu + Live TV. During the call, we may also refer to certain non-GAAP financial measures. Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are available in our Q3 2025 letter to shareholders, which is available on our website at ir.fubo.tv. With that, I will turn the call over to David.

David Gandler, Co-founder and CEO, FuboTV: Thank you, Amit, and good morning, everyone. This quarterly earnings call is unlike any other in our history, coming just days after completing our transformative combination with the Hulu + Live TV business, setting a new stage for what’s ahead. The combination of FuboTV and Hulu + Live TV forms one of the largest live TV streaming services in America. Our combined nearly 6 million subscribers in North America make FuboTV the sixth-largest pay TV company, according to recent UBS estimates. It’s a defining moment for our team and our shareholders, and the culmination of years of innovation and execution. Together with our strong standalone results, this combination underscores the enormous potential ahead: a consumer-first platform built on choice, value, and profitable scale.

Now, looking at our third-quarter standalone results, FuboTV ended the quarter with 1,630,000 paid subscribers in North America, our strongest third-quarter performance to date, and $369 million in total revenue, alongside solid contributions from our international operations. We’re also proud to report that we achieved meaningful improvements in both net loss and adjusted EBITDA, with the third quarter representing our second consecutive quarter of positive adjusted EBITDA. Beneath those strong headline numbers, the health of our underlying metrics continues to improve. Trial starts increased, and conversions from trial to paid meaningfully improved year over year, while churn declined nearly 50% versus last year. At the same time, we reduced marketing spend during a highly competitive sports quarter, reinforcing our path toward profitability and stronger margin expansion. These trends reflect growing consumer demand, higher engagement, and the continued scalability of our model.

Our mission remains clear: deliver must-have programming through a flexible, value-forward experience. FuboTV continues to make watching live content easier and more valuable. The Fubo Channel Store, similar in concept to Amazon Prime Video channels, offers third-party premium services like RSNs, DAZN One, Hallmark Movies Now, and Paramount+ with Showtime into one sports-first interface, removing friction and simplifying viewing. Our Fubo Sports Skinny service added lower-priced, high-value access to top sports content, including the majority of ESPN Unlimited content, and is driving record trial conversions. Together with the expansion of pay-per-view, which delivered double-digit sales growth in October compared to the prior month, these initiatives demonstrate FuboTV’s ability to innovate, scale engagement, and strengthen our live platform. We have built market-defining features: multi-view, game highlights, game alert push notifications, and catch-up to live that increase engagement and make watching sports easier and more entertaining.

These are the types of personalized capabilities we will continue to scale across our growing membership base. FuboTV’s recent results give us much to be confident about, and we envision unprecedented opportunities at the combined company. We’re expanding choice, not forcing one bundle. The combined company offers consumers a broad set of sports and entertainment-focused programming offerings from FuboTV and Hulu + Live TV, respectively. Together, we give families flexible ways to right-size their spend while broadening access to the best content. In the near term, we’ll focus on programming efficiencies, ad tech uplift, and marketing at scale, including through ESPN’s ecosystem, as well as deeper personalization. These are four major drivers to grow our subscriber base and achieve our profitability goals. In closing, we could not be more excited about FuboTV’s future.

We believe our third-quarter standalone performance, coupled with the opportunities unlocked by our business combination with The Walt Disney Company’s Hulu + Live TV, solidly position FuboTV for future success. We want to thank our retail and institutional shareholders for your unwavering support and to our customers for your loyalty. We remain committed to building a consumer-first streaming service that delivers more live action, less friction, and superior value. I will now turn the call over to John Jenadis, CFO, to discuss our financial results in greater detail. John. Thank you, David. And good morning, everyone. Our third-quarter results reflect continued progress in both execution and profitability capped by a historic milestone: the completion of our business combination with Hulu + Live TV. We believe this transaction is a huge win for our company, shareholders, and the market, and we could not be more excited about the opportunities ahead.

Taking a look at the results for the quarter, in North America, we delivered total revenue of $368.6 million, down 2.3% year over year, and reached 1.63 million paid subscribers, a 1.1% increase year over year, and their highest-ever third-quarter subscriber count. In the rest of the world, revenue was $8.6 million, and we ended the quarter with 342,000 paid subscribers. In North America, advertising revenue totaled $25 million, down 7% year over year, primarily reflecting the absence of certain ad insertable content and one-time benefits in the prior year period. That said, demand indicators remain constructive, including upfront commitments for the 2025-2026 cycle, up over 36% versus last year, with nearly a third of advertisers new to FuboTV. Non-video formats, such as pause ads and branded activations, grew over 150% year over year.

These personalized and dynamic ad experiences are driving greater engagement and reinforce the stickiness of CTV formats beyond standard video ads. Net loss was $18.9 million, or $0.06 per share, compared to a loss of $54.7 million, or $0.17 per share in the prior year period. Adjusted EPS improved to $0.02 compared to a loss of $0.08 in the prior year period. Adjusted EBITDA was positive $6.9 million, representing a year-over-year improvement of more than $34 million. This marks our second consecutive quarter of positive adjusted EBITDA, underscoring the strength of our cost discipline and the scalability of our model. I would also like to point out our continued improvement in expense efficiency, with total operating expenses now approaching parity with revenue, our best-ever third-quarter performance. This reflects the benefits of disciplined content spending, optimization of marketing investments, and ongoing focus on scalable growth.

From a cash flow perspective, net cash used in operating activities was $6.5 million, or a $9 million increase compared to Q3 2024, while free cash flow was negative $9.4 million, a decrease of $8.3 million compared to the prior year. Free cash flow improved sequentially versus Q2, but was lower year over year, driven primarily by working capital timing. We ended the quarter with a solid liquidity position and balance sheet flexibility, including over $280 million in cash. In summary, Q3 was another quarter of steady financial progress and operational execution. We’ve demonstrated consistent improvement in profitability metrics, disciplined cost management, and continued engagement growth. With the Hulu + Live TV combination now complete, we enter the next phase of our journey as a stronger scaled player in the pay TV ecosystem, positioned to deliver sustainable profitability and long-term shareholder value.

With that, I’ll turn the call back to the operator for Q&A. Operator.

Conference Call Operator: Thank you. We will now begin the question and answer session. If you would like to ask a question, please press star one on your telephone keypad. We ask that you please limit yourself to one question and one follow-up. Your first question today comes from the line of David Joyce from Seaport Research Partners. Your line is open.

Thank you. First of all, congratulations on completing the combination early. I was wondering about the advertising inside of the business. If you could delve in a little bit more into what the content that was removed to make the comparisons a little challenging. Going forward, you will have the new advertising relationship with Disney, where they’re taking care of the ad sales, but you get the revenue net of the ad sales commission. Is that across all of the subscriber base that they have the ownership of on Hulu + Live TV? Thanks.

David Gandler, Co-founder and CEO, FuboTV: Hey, David, this is John. Maybe I’ll take the first part of that, and David will take the second. On the content portion of the question, just as a reminder, we dropped Univision effectively at the end of last year, so that had an impact. As number one. Number two, we also had some residual Maximum Effort Channel revenue in there as well. And then third, unrelated, but there was also a political comp in there. If I were to kind of normalize for the three of those, I would say ad revenue would have been up modestly year over year for the quarter. Yeah. David, just to add to that, I think when you look at the results for the quarter, I think ads has been the only minor blemish on an otherwise outstanding quarter. That is a high-class problem given our combination with Hulu + Live TV.

As we’ve stated, The Walt Disney Company will be taking over advertising sales, and we expect that as we collaborate and integrate our inventory into Disney’s ecosystem and ad server, we should see pretty strong results relative to where we are today. We are very excited about that.

Conference Call Operator: Your next question comes from a line of Patrick Shaw from Barrington Research. Your line is open.

Hi. Thank you. Congrats on completing the transaction. I was wondering if you could, now that the transaction has been completed, maybe discuss some of the differentiating factors on the, basically the full services and why maintain both offerings in addition to the sports-focused package?

David Gandler, Co-founder and CEO, FuboTV: Yeah. This is David. I’ll take that. One is, I think this is one of the few cases of when companies combine that do not have any overlapping customers. Hulu + Live TV does not overlap with FuboTV. They’re similar, but quite different. We’ve been very focused on driving our sports identity, branding, and delivering capabilities for sports fans that I mentioned in my opening comments. Hulu has been more of a general entertainment bundle that has sports. It is very important for us to continue to provide consumers with optionality and flexibility. There is programming that we do not have on FuboTV today, obviously top-quality networks that are available at Hulu. This only adds to the spectrum of offers that we provide consumers at different price points along the demand curve.

This is really part of our super aggregation strategy that we talked about as far back as 18 or 20 months ago.

Okay. On the cost side, you had a pretty significant reduction in sales and marketing costs year over year. Is that partly a function just of kind of maintaining your target subscriber acquisition cost of about one in that one-time’s ARPU range and just with the sports product being kind of lower cost and just being mathematical from that? Or is there any specific things to call out in terms of subscriber retention or additions that you were able to find efficiencies on?

Yeah. Very good question. This is David. I’ll take that. Look, I think that when you look at what we’ve been able to achieve this quarter, we had a 68% increase in net ads on a year-over-year basis while decreasing our marketing spend or our sales and marketing line as a percentage of revenue by 21%. In part, that’s due to the fact that we have many more offers in the market, everything from the Fubo Channel Store to the Skinny Bundle, to our Pro and Elite offers. We’ve also begun to leverage AI, both on channel optimizations and creative testing. All of these things have worked together. We’ve stated many times that our goal is to be measured and disciplined, and we didn’t see a reason to push any further given how expensive third-quarter marketing is. The last thing I’ll say is that you’re right.

We have stated since 2020 that our goal is to maintain that SAC to ARPU of 1-1.5 times. I’m very happy to say that this year we’ve been well below the low end of that range. We think we can become even more efficient, particularly as the structural shift in consumption continues to move in our direction.

Conference Call Operator: Your next question comes from the line of Alicia Reese from Wedbush. Your line is open.

All right. Thanks. Thanks for taking my questions. First, I was hoping we could dig a little deeper on the Skinny Bundle. The 20% sequential subscriber growth suggests that you’ve seen a nice uptake so far, and the subscription ARPU suggests that the impact was pretty limited. Can you speak to, at least qualitatively, to the dynamics of the Skinny Bundle? Are these new subscribers? For those that converted from existing subscription tiers, did they primarily come from the base tier, mid-tier, or premium tier?

David Gandler, Co-founder and CEO, FuboTV: Yes, sir. Hey, Alicia. This is John. I’ll maybe start with that one. Look, I’d say it’s early days, clearly, but I’ll share a couple of data points for you. Number one, look, we feel good about the $55.99 price point. At launch, the reach was about one-third of the country. Now it’s north of 80%, heading to full distribution by the end of the year. A couple of months in, we see virtually no cannibalization. We think it’s really expanding our addressable market. I would just add a couple of metrics in the short term on retention and churn. It’s early, but I’d say performing as expected, meaning better retention and lower churn relative to Pro and Elite.

Conference Call Operator: If you could follow up. Oh, sorry. Go ahead.

David Gandler, Co-founder and CEO, FuboTV: Yeah. Sorry. Go ahead. No, I was just going to add very quickly that we’re seeing this type of success not only in Skinny Bundle, but this was a strong quarter across the board for all of our offers. Of course, the Skinny Bundle has really delivered on trial starts, conversion to paid, net churn, at least in the early days of the package.

Okay. Yeah. That makes sense. Can you just discuss briefly how the Q3 marketing budget was allocated between promoting that heavy sports calendar and the Skinny Bundle?

Yeah. Look, I think we have a world-class marketing team and retention team. I think we’re very focused on ensuring that we scale profitably. We obviously manage almost in real time the different packages to ensure that we’re continuing to drive both top and bottom line.

Conference Call Operator: Your next question comes from a line of Laura Martin from Needham & Company. Your line is open.

Hey, David. Now that you guys have closed the Hulu + Live TV deal, I’m wondering, they have 4 million subs. You guys have a million and a half, round numbers, million six. Don’t they sort of, aren’t they sort of the dog and you guys the tail? I know you’re running it, but isn’t the strategy sort of get eclipsed by theirs because they have so many more subs? Can you talk about just over the next six months, nine months, how much is really you driving this company compared to Fubo or, sorry, Hulu, which is so much larger?

David Gandler, Co-founder and CEO, FuboTV: Yeah, Laura, thank you. This is David. Good to hear your voice. Look, you and I have been going at this now for, I do not know, five years. I remember.

True.

In the early my first meeting with you over COVID, I told you one day we would be contribution margin positive. And then two years later, I told you we would be gross margin positive. And I can tell you that I do not know about dogs and tails, but I can tell you that this is no longer a fairy tale. Fubo will continue to drive significant growth. I can walk you through kind of areas in which we believe that could be the case. One is you are seeing very strong net ads in a quarter that is typically very competitive. And we have been able to add more products to market. We have had record churn, net churn numbers, all positive. We removed Univision from the platform sometime in December.

And just to kind of give you a little peek into Q4, we are seeing record Latino numbers since Univision, which is very positive. So I think actually Fubo is going to be a very important growth engine for the company. There are a few areas in which I think we will really sort of hope to take advantage of this new collaboration. One, I think, is quite obvious. ESPN’s ecosystem of ESPN Radio, ESPN.com, Flagship, and other spokes that they have within that ESPN flywheel probably averages somewhere in the sort of 100 million monthly active users. This is a funnel that we have never leveraged before. So we think that there is probably significant untapped value for us to grow our subbase, again, profitably, which means it could have a very positive impact on our sales and marketing line.

The second thing is an area where I think you have had a lot of questions on and maybe a little bit of frustration around advertising. I think that there is significant upside in our relationship with Disney. Once part of the Disney ecosystem, all of our football, basketball, baseball, soccer, all of that inventory will likely move over hopefully sooner rather than later. We are targeting sometime in the first quarter, given some of the technical hurdles that we need to go through. We are transitioning our ad sales team over to Disney. So there is probably some pretty significant upside from where we are today relative to where we could be if you think about Disney Sports’ CPMs and their ability to just use their scale to fill our veils.

The third area, which I am really very excited about, which is an area that we have significantly underperformed the market, and probably a reason why the stock has underperformed, is programming efficiencies. We have not been able to achieve what I would believe to be fair deals. And that is because everything is related to size-based most-favored nation clauses. But as the sixth-largest pay-TV player, it does not really tell you much. I look at this as the second-largest virtual MVPD player in the market, which means that those structural shifts, both from a consumption perspective as well as a monetization perspective, are in our favor. We think that we’ll be able to grow that. Last but not least, an area that we really do not discuss a lot, which is the international piece. We’ve been really focused on our unified platform.

As I like to say, timing is everything. That platform is almost ready to go. We’ll be onboarding Molotov or migrating it onto the FuboTV platform. Disney has 100-plus international subscribers in its D+ service. I think that similar to the way Hulu + Live TV has been embedded into Hulu and potentially into Disney+, we think that there’s probably an opportunity for us to drive significant growth. Our ambitions have not changed. We want to be the world’s largest live TV provider. We are using streaming to make a smarter, cheaper, and more profitable TV product.

Super helpful. You guys have always had a world-class tech stack. Do you find you’re able to use any of the new generative AI capabilities to personalize the recommendation line or personalize what you’re showing to different consumers? Are you using any of those capabilities to drive better product updates?

Yeah, of course. That’s a great question. Look, I think what’s interesting that people have not noticed or investors have not noticed about Fubo is that we have removed a significant number of channels from the platform. Yet ad inventory, or ad avails, I should say, has grown year over year by about 30%. What we’re really focused on is recommending the appropriate programming for the appropriate user at the appropriate time. We have been using our AI capabilities to develop highlights for all of our sports moments and really put those in front of the consumers that find that content most impactful. One thing I will say as it relates to all of this is that I think when we started our, I think during our testing the waters roadshow, Laura, you may remember this, but we had a long-term target. We are basically almost there.

I think our target was roughly around $100 of revenue, ARPU, back then. What we said was that our goal was to achieve 30% gross margins, which would then drive about 15% EBITDA margins. I’d like to say we’re almost there. We are now somewhere in that north of 20 or roughly around 20% gross margin. This is a story that is just unfolding right now. We need about 10 points to deliver on that 30% gross margin. It’s not much to believe. You’re talking about 300 basis points of programming efficiencies, 2-300 basis points of advertising uplift, 1 or 200 basis points in GNA and technology. As you see, our efficiencies on the sales and marketing side have also been pretty impressive. My view is that we’re almost there.

This transaction will allow us to amplify all of the innovation and success and execution that we’ve put into this company. I’m very excited about this. Our investors should be very excited about this. I’m hoping Disney is as excited about this as we are.

Conference Call Operator: Your next question comes from a line of Sebastiano Petty from JPMorgan. Your line is open.

Hi. Thank you for taking the question and congratulations on the deal. Just maybe if you could kind of help us think about, now with the added scale that you have from the live TV combination with Hulu, I mean, how are you thinking about rest of world? Is that still core to you over time? If so, why? As we’re thinking about perhaps rest of world, I mean, are there synergies or maybe cross-bundling opportunities when you look at Disney’s international streaming services? Following up on that, I guess, maybe quick one. Any benefit from the YouTube TV blackout of Disney from over the weekend? Thanks.

David Gandler, Co-founder and CEO, FuboTV: Yeah. Thank you. This is David. Look, I’m very bullish on rest of the world. I have been. It’s all about a timing question. Right now, as I just said, we are very focused on migrating Molotov onto the Fubo platform. We’ll look to partner with Disney internationally. I think this is going to create a tremendous amount of value for both companies. Disney+ will benefit from all the local programming that we’re going to provide. Markets like France, there are probably three or four markets we’d like to start with in the next 18 to 24 months, and then quickly move in to other markets because the platform has been built so efficiently. It is obviously core. I don’t know why there’s always a question around rest of world. I mean, you tell me.

I think Reed Hastings used to talk about the fact that he wanted to be like YouTube because 80% of YouTube’s revenue came from outside of the United States. We are no different. We think that we can be a global leader in the live TV streaming space. There are hundreds and hundreds of millions of people that still value live sports, live news. And we’re going to focus on developing that strategy in the short term. I think everyone on both sides is very excited about that. As it relates to YouTube TV, and I guess their issues with Disney, that’s not anything we can really talk about. What I can say is that just like last year, we see bumps all the time from people that are looking for programming. There’s not really much to say about that.

The interesting thing is that while we have seen an influx of YouTube TV customers, we’re seeing all around improvements, as I just mentioned, including in Latino. In terms of subscriber growth. We haven’t really marketed that. We’re not attempting to take advantage of that. We’ll let that play out as it will. We’re focused on our own business here.

Thank you.

Conference Call Operator: Your next question comes from a line of Clark Lampin from BTIG. Your line is open.

Thanks very much. John, maybe in light of the comments around LatAm customer strength to start for Q, could we dial it back a little bit and maybe talk about early October reads across the entire spectrum? If we were to sort of focus a little bit more medium to long-term, fill rates, programming efficiencies. David, I think you said that you haven’t had fair deals thus far. Maybe update us on revenue and expense synergies, I guess, on a go-forward basis and how that might impact profit trajectory. At what point could we start to see sustainable sort of EBITDA and net earnings profitability? Thanks a lot.

David Gandler, Co-founder and CEO, FuboTV: Clark, on the first part of that question, was that specific to advertising, or was that more broad?

Correct me if I’m wrong, I guess, but the comment sounded like it was on a subscriber basis. So if we were thinking about the subscriber trajectory of the business for 4Q, are you seeing the same strength with sort of core demos relative to LatAm, or was there some bifurcation for one reason or another?

No, actually, so thanks for the question. Yeah. I’d say the strength we saw through the third quarter, meaning August, September, has continued through October. What I would say is that relative to plan, we’re exceeding, I would say. Across all packaging. Not just Latino, but also on Canada, Skinny Bundle, standalone RSNs, and English. Yeah. I was just glad that, look, the reason why we’re continuing to formulate these different services and packages is because we want to reduce the cost of entry and at the same time create attractive user economics. You’re starting to see that unfold this quarter. As I mentioned, Latino is really just a little seed is that we’re seeing this across the board. Typically, our strongest quarters, as you guys know, is the back half of the year, third and fourth quarter, given the strength of the sports calendar.

We’re, again, very excited about this. We’re excited about our new relationship with Disney. I have to say the first few days have been extremely exciting. Everybody seems to be on the same page. We all know what we want. It’s going to be Fubo’s job to execute and drive shareholder value.

Yeah. And then maybe on synergies. Look, when we announced the business combination in January, we highlighted content and advertising as really the key areas of synergies. David commented before about the ads team. They’re already working with Disney in their offices as of this morning. We are moving with urgency. On the timing of that advertising synergy, I would say we’ll see that in the short to midterm. On the content expense savings, remain very confident there as well. I think the opportunity is meaningful. You’re right. It’s not just fill rate for advertising. It’s other factors as well. We think there’s also CPM upside to name a couple.

Conference Call Operator: That was our final question. This concludes today’s conference call. We thank you for your participation, and you may now disconnect.

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