10 Best Broadcasting Stocks to Buy

6. FuboTV Inc. (NYSE:FUBO)

Market Cap: $610.93 million

Number of Hedge Fund Holders: 13

FuboTV Inc. (NYSE:FUBO) is a streaming television service focusing primarily on live sports channels, providing a convenient and accessible way for viewers to watch their favorite games and other live television content.

The streaming service has won a significant victory against a proposed joint venture by Disney, Fox, and Warner Bros. Discovery. This would have controlled a significant portion of live broadcast sports content, potentially harming the company’s business. The CEO, David Gandler, argued that this venture would have deprived consumers of choice and hindered the company’s success. Following the judge’s ruling, the joint venture is unlikely to proceed.

FuboTV Inc. (NYSE:FUBO) expects North American subscribers in 2024 to grow 7% year-over-year at the midpoint. The projected number of subscribers is between 1.725 million and 1.745 million. The company reported strong financial results for Q2 in North America. Total revenue increased by 25.01% to $390.97 million, and paid subscribers grew by 24% to 1.45 million. The advertising business revenue rose 14% to $25.8 million. The loss per share was $0.04.

It launched Fubo Free, a free ad-supported streaming service with nearly 200 channels. This service is currently available to certain former Fubo paid and free trial subscribers. Users can reactivate their paid subscriptions at any time. The company plans to expand Fubo Free to other cohorts in the future.

It repurchased $46.9 million of convertible debt and issued stock to fund these repurchases. This strategic move reduced debt, enhanced shareholder value, and increased financial flexibility. The company remains focused on providing consumers with a premium sports entertainment offering at an affordable price. Such commitments and strides make this company a top broadcasting stock to buy.

Currently, 13 hedge fund holders have invested in the company. Highbridge Capital Management is the largest one with a position of $11,975,000, as of June 30.