Edgar Bronfman Jr. Named Executive Chairman of Streamer FuboTV

Edgar Bronfman, Jr.  - Getty - H 2020
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The former Warner Music CEO joins as the video streaming service merges with Facebank Group, a developer of technology IP.

Edgar Bronfman Jr. on Wednesday was named executive chairman and a member of the board of directors at fuboTV. The move was made as the video streaming service offering a premium, over-the-top bundle of sports TV channels merges with Facebank Group, a developer of technology IP.

Bronfman is both a direct investor as well as an investor in fuboTV through Waverley Capital, a venture capital group he co-founded in 2017. As executive chairman, Bronfman will help advise the live TV streaming platform as it looks to a possible major stock exchange listing.

“Edgar was an early champion of fuboTV and I am thrilled he has agreed to this increased role with the company,” said David Gandler, co-founder and CEO at fuboTV.

"I believe fuboTV has a great future. I look forward to working with David to build on the tremendous success fuboTV has already achieved as the opportunities for OTT networks continue to expand and accelerate," Bronfman added in his own statement.

Bronfman is the former chairman and CEO of Warner Music. He also helped steer his then family-controlled Seagram business into the entertainment business in the 1990s. Seagram took over MCA Inc., with its big movie, music and theme park businesses, in 1995, and Bronfman became an executive with Vivendi after the 2000 deal.

Bronfman later served as chairman and CEO of Warner Music Group, and stepped down from the board of directors in May 2013. After launching in 2015 as a soccer streaming service, fuboTV more recently merged with FaceBank Group to create a sports-first digital entertainment alternative online for cord-cutters and cord-nevers.

FuboTV received earlier investment stakes from 21st Century Fox, European pay TV giant Sky, ICM Partners' Chris Silbermann, Luminari Capital and LionTree Partners. The company provides access to video content in English, Spanish and Portuguese via fubo.tv, as well as Roku, Chromecast, Apple TV and iOS and Android devices.

FuboTV offers that content via U.S. distribution deals with TV channels that hold rights to major sporting events, including live soccer matches from more than half of the top international leagues and tournaments. Content partners include Univision, beIN Sports and GolTV.