Discontinued Operations

6 Months Ended

Jun. 30, 2023

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued Operations

Dissolution of Fubo Gaming

On October 17, 2022, the Company dissolved its wholly owned subsidiary Fubo Gaming Inc. ("Fubo Gaming"). In connection with the dissolution of Fubo Gaming, the Company concurrently ceased operation of Fubo Sportsbook.

Net loss from Fubo Gaming's discontinued operations consists of the following for the three and six months ended June 30, 2023 and 2022:

	For the Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenues
Wagering	$	—	$	(182)	$	—	$	(483)
Total revenues	—		(182)		—		(483)
Operating expenses
Sales and marketing	—		2,630		(59)		6,264
Technology and development	—		2,883		17		5,590
General and administrative	481		4,655		746		10,192
Depreciation and amortization	—		109		—		215
Gain on extinguishment of liabilities	(4,740)		—		(4,740)		—
Impairment of goodwill, intangible assets, and other long-lived assets, net	—		10,682		33		10,682
Total operating expenses	(4,259)		20,959		(4,003)		32,943
Operating income (loss)	4,259		(21,141)		4,003		(33,426)
Other income (expense)
Interest expense and financing costs	—		(169)		—		(338)
Total other expense	—		(169)		—		(338)
Income (loss) from discontinued operations before income taxes	4,259		(21,310)		4,003		(33,764)
Income tax benefit	—		—		—		—
Net income (loss) from discontinued operations	4,259		(21,310)		4,003		(33,764)

During the three and six months ended June 30, 2023, the Company recorded a $4.7 million gain on extinguishment of certain liabilities. As of June 30, 2023, the balance sheet of discontinued operations consisted primarily of accounts payable, accrued expenses and other current liabilities of $24.7 million, primarily related to contract termination costs.