FuboTV announced it is acquiring sports betting startup Vigtory, planning to use it to launch a full-fledged sportsbook later this year.
FuboTV shares soared on the news.
According to Deadline, terms were not disclosed for the deal, which is expected to close in the first quarter. The deal clearly positions Fubo, which was founded in 2015 as an internet-delivered pay-TV operator, as more of a hybrid company. While Fubo is smaller than DraftKings and FanDuel in the sports betting space and Hulu + Live TV, YouTube and Sling TV on the virtual MVPD front, the acquisition advances a strategy of blending the two businesses.
Shares in Fubo surged to the closing bell to finish at $36.47, up 34%. The stock has more than tripled since its IPO last fall.
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