In an SEC filing this evening, the company said it had entered into an agreement with Simone Nardi for him to transition to an advisory role. “After successfully taking the company public on the New York Stock Exchange, Mr. Nardi intends to pursue other opportunities,” the filing said.
The exact timing of Nardi’s segue from his current role is not set. The latest the transition would occur would be December 31. The parties agreed on the plan on June 29, per the filing.
Nardi, who had previously held exec 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 bundle players. It has long emphasized sports and has recently made moves to expand into betting.
Its stock shed about 3% during the trading day, closing at $30.06, roughly triple its IPO level. In recent weeks, the shares have entered positive territory for 2021 to date, but they have been prone to volatility as investors and analysts debate the company’s prospects. A start-up with initial backing from several media companies, Fubo launched its pay-TV service in 2015. Bulls say it is well-positioned to take advantage of cord-cutting and the overall shift toward streaming. Bears note the deep pockets of tech rivals as well as the inherent economic challenges of multi-channel distribution, which often require price hikes to cover rising costs of carriage deals.
As it prepared to go public, Fubo installed a familiar figure in media circles as its executive chairman: Edgar Bronfman Jr., former head of Warner Music Group and Seagram.