XML 26 R11.htm IDEA: XBRL DOCUMENT v3.25.0.1
Discontinued Operations
 12 Months Ended
Dec. 31, 2024
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 income (loss) from Fubo Gaming's discontinued operations consists of the following (in thousands):
Years Ended December 31,
202420232022
Revenues
Wagering$— $— $(759)
Total revenues— — (759)
Operating expenses
Sales and marketing— (59)9,976 
Technology and development— 17 9,220 
General and administrative275 1,370 28,481 
Depreciation and amortization— 158 433 
Gain on extinguishment and remeasurement of certain liabilities(1,962)(6,671)— 
Impairment of goodwill, intangible assets, and other long-lived assets, net— — 87,365 
 Total operating expenses(1,687)(5,185)135,475 
Operating income (loss)1,687 5,185 (136,234)
Other income (expense)
Interest expense— — (598)
Other income (expense) — — (42)
Total other expense— — (640)
Net income (loss) from discontinued operations before income taxes1,687 5,185 (136,874)
Income tax benefit— — — 
Net income (loss) from discontinued operations$1,687 $5,185 $(136,874)
During the year ended December 31, 2024 and 2023 the Company recorded $2.0 million and $6.7 million gain on extinguishment and remeasurement of certain liabilities.
During the year ended December 31, 2022 the Company incurred non-cash impairment charges totaling $87.4 million primarily consisting of prepaid market access agreements, intangible assets and goodwill.
Included in the table above, during the year ended December 31, 2022, the Company recorded $15.9 million of stock-based compensation expense. There was no stock-based compensation expense recorded during the years ended December 31, 2024 and 2023 pertaining to Fubo Gaming.
During the year ended December 31, 2022, the Company incurred certain immaterial charges in connection with the dissolution, primarily related to severance and other employee-related costs.
The carrying amounts of the major classes of assets and liabilities classified as discontinued operations are as follows (in thousands):
December 31,
20242023
ASSETS
Current assets
Cash and cash equivalents$— $462 
Prepaid and other current assets— — 
Total assets - discontinued operations$— $462 
LIABILITIES
Current liabilities
Accounts payable$— $2,195 
Accrued expenses and other current liabilities— 17,413 
Total liabilities - discontinued operations$— $19,608 
During the year ended December 31, 2024, $14.0 million of Fubo Gaming liabilities that are guaranteed by the Company were transferred to the streaming business.
As of December 31, 2023, the Company's accrued expenses and other current liabilities of its discontinued operations included $17.4 million, primarily related to contract termination costs.