Is NBCUniversal’s Channel Blackout Reshaping the Investment Case for fuboTV (FUBO)?

• In late November 2025, fuboTV announced that NBCUniversal terminated its partnership after failed contract negotiations, resulting in an immediate blackout of NBCUniversal channels for fuboTV subscribers just before Thanksgiving.
• An important dimension is fuboTV’s claim that NBCUniversal refused to grant them the same Peacock streaming rights that it gave to other major competitors, raising questions about platform parity in content distribution.
• We'll examine how the abrupt loss of NBCUniversal channels may alter fuboTV's investment narrative and content strategy going forward.

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fuboTV Investment Narrative Recap

To own fuboTV stock right now, you need to believe the company can retain and grow its subscriber base despite losing key content partners, while progressing toward sustainable profitability. The NBCUniversal blackout strikes at the heart of fuboTV’s biggest short-term catalyst, content differentiation for sports and entertainment fans, while also amplifying the top risk: losing distribution deals that can cause churn and suppress revenue. If fuboTV fails to secure competitive, ad-rich content rights, this headwind could be material to user growth and margins.

One recent announcement that aligns closely with these catalysts is fuboTV’s launch of the Fubo Channel Store. By making nearly 200 FAST channels and premium standalone services accessible within its app, the company aims to offset the loss of NBCUniversal programming and broaden its content appeal. How successfully it fills content gaps and maintains subscriber interest will be a near-term test of this strategy.

But in contrast to the headlines, investors should be aware that the risk of further content rights fragmentation remains a critical issue to monitor...

Read the full narrative on fuboTV (it's free!)

fuboTV's narrative projects $1.8 billion in revenue and $200.4 million in earnings by 2028. This requires 3.8% yearly revenue growth and a $112.7 million increase in earnings from the current $87.7 million.

Uncover how fuboTV's forecasts yield a $4.50 fair value, a 48% upside to its current price.

Exploring Other Perspectives

Twenty-one members of the Simply Wall St Community have valued fuboTV shares between US$0.67 and US$18.62, showing sharply different views on its growth and risks. With ongoing uncertainty around critical content renewals, you can weigh these multiple perspectives as you assess where the company’s next moves may lead.

Explore 21 other fair value estimates on fuboTV - why the stock might be worth less than half the current price!

Build Your Own fuboTV Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your fuboTV research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision.
• Our free fuboTV research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate fuboTV's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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