Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We hereby consent to the incorporation by reference in the Registration Statements on Form S-3 (No. 333-277677) and S-8 (No. 333-225919, 333-229231, 333-239846, 333-251399, 333-253951, 333-266670, 333-273775, 333-281274 and 333-289506) of FuboTV Inc. of our report dated December 23, 2025 relating to the financial statements of the Hulu Live Business, which appears in this Current Report on Form 8-K.

/s/ PricewaterhouseCoopers LLP

Los Angeles, California

December 23, 2025

Exhibit 99.1

Our Business

On October 29, 2025 (the “Closing Date”), we, The Walt Disney Company (“Disney”) and Hulu, LLC (“Hulu”) completed the previously announced business combination (the “Business Combination”), contemplated by the Business Combination Agreement, dated as of January 6, 2025 (the “Business Combination Agreement”), by and among FuboTV Inc., Disney and Hulu, which combined our existing Fubo business with Disney’s Hulu + Live TV business (the “Business Combination Closing”). The Hulu + Live TV business (the “Hulu Live Business”) consists of certain assets (the “HL Business Assets”) related to the business of negotiating and administering carriage agreements and similar contracts relating to and for the purpose of the retransmission, distribution, carriage, display or broadcast of any programming service, channel or network on Hulu’s linear multi-channel subscription video programming distribution service component of the offering known as “Hulu + Live TV” (such service, the “Hulu Live Service”). Following the Business Combination Closing, Hulu (and Disney, through its indirect ownership of Hulu) collectively owns and controls approximately 70% of the voting interest in us. For a further description of the Business Combination, and the transactions contemplated thereby, see “Corporate Information” and “Certain Commercial Arrangements with Hulu” below.

As used herein, the words “we,” “our,” “us,” and the “Company” refer to FuboTV Inc., a Delaware corporation, and our subsidiaries.

Overview

We are a consumer-first live TV streaming company with a mission to deliver premium sports, news and entertainment programming through a best-in-class user experience that offers greater choice, flexibility and value. In recent years, live TV streaming has disrupted the traditional “Pay TV” model of linear video delivered via cable or satellite streaming platforms for a paid subscription fee. This disruption has shifted billions of dollars in subscription and advertising revenue from cable and satellite providers to over-the-top (“OTT”) streaming platforms, as evidenced by the rate of traditional Pay TV cord-cutting in the United States. We believe there is a significant opportunity for us to continue to capitalize on this trend as we operate as a non-traditional Pay TV company with a focus on OTT streaming. Upon the Business Combination Closing, we became the sixth largest Pay TV company¹ in the United States with nearly six million paid subscribers as of such date.

Our Offerings

In the United States, we offer consumers a broad array of programming focused on sports, news and entertainment through Fubo-branded and Hulu Live-branded services, both live and on-demand, including tens of thousands of live sporting events. Outside the United States, we operate live TV streaming services in Canada, France and Spain. Our content can be accessed through streaming devices including Smart TVs, mobile phones, tablets and computers. Through our offerings, we provide consumers multiple options from “skinny” services with a number of targeted channels to more robust services at varying price points, delivering broad choice and flexibility to consumers.

¹ UBS Estimates as of June 30, 2025

Fubo Offering

Our Fubo-branded offerings (collectively, the “Fubo Service”) delivers subscribers a sports-first, live TV streaming platform with the option to purchase incremental features (“Attachments”), including additional content and/or enhanced functionality, best suited to their preferences. The Fubo Service, including Fubo Sports, Pro, Elite and Latino, boasts a broad mix of top Nielsen-ranked channels across sports, news, and entertainment. The Fubo Sports service, launched in 2025, offers a focused service with 20+ sports and broadcast networks featuring national and local pro and college team coverage.

The Fubo Service runs on our proprietary technology platform (the “Fubo platform”) built specifically for live TV and sports viewership, leveraging our first-party data, which enables us to consistently introduce new features and functionalities. Our video delivery platform caters to all major sports leagues and entertainment content owners. For example, Apple TV and certain Roku users can enjoy MultiView, allowing them to select and watch up to four live streams simultaneously. Our direct-to-consumer model provides deep insight by capturing billions of data points monthly. This data set drives continuous innovation and informs our enhanced user experience, product roadmap and content strategy. By analyzing this data, we can personalize live and on-demand content discovery in real-time, creating relevant suggestions for each subscriber. We believe our sports-first, live TV streaming platform offers both programmers and advertisers a growing and valuable live audience, deeply engaged with premium content and increasingly difficult to reach through traditional channels.

Hulu Live Offering

Our Hulu Live Business primarily consists of negotiating and administering programming agreements for live TV content and licensing such content to Hulu for distribution via the Hulu Live Service. Pursuant to our commercial services agreement with Hulu, the Hulu Live Service is distributed to subscribers via the Hulu platform, in exchange for a wholesale fee payable by Hulu to us. For more information, see “Certain Commercial Arrangements with Hulu” below.

The Hulu Live Service delivers subscribers a wide range of live TV programming currently featuring 90+ sports, news, entertainment and kids’ channels, including the four major broadcast networks, ABC, CBS, FOX and NBC. It is currently offered both as a standalone service and as part of a bundle with Hulu’s subscription video-on-demand (“SVOD”) direct-to-consumer service, Disney+ and ESPN Unlimited, and subscribers can also customize their plan with the option to purchase additional Attachments. The distribution of the Hulu Live Service on the Hulu platform, including the related subscription revenue, as well as the development, acquisition and distribution of non-live and live TV content in connection with Hulu’s SVOD service (and any premium add-on services thereto) is outside of the operations of the Hulu Live Business owned by us.

International Offering

Outside the United States, we currently operate in Canada, France and Spain. In Canada, the Fubo Service provides a sports-focused live TV streaming platform that includes certain exclusive soccer rights for the English Premier League, Serie A, Coppa Italia and other competitions. In France, we own and operate Molotov, a live TV streaming platform, offering both a free, ad-supported content tier and a paid streaming service.

Certain Commercial Arrangements with Hulu

In connection with the Business Combination Closing, we entered into certain commercial agreements with Hulu including a commercial services agreement and brand licensing agreement, pursuant to which, among other things:

The commercial services agreement provides for an initial term of five years, renewable for an additional five-year term by mutual agreement.

Industry Overview

Streaming services have experienced rapid growth in adoption as consumers engage with streaming video and audio through a variety of devices, including connected TVs, mobile phones, and tablets. While traditional Pay TV still accounts for a meaningful share of Pay TV viewing hours for U.S. households, the proportion is declining as customers continue to cut the cord. We believe consumers are increasingly favoring the superior customer experience, competitive pricing, and better value of OTT streaming services as compared to traditional Pay TV services.

Sports and news content have been a key driver for traditional Pay TV operators to retain and grow audiences. Historically, most streaming subscription services primarily focused on entertainment content offerings, requiring sports fans to, until recent years, remain tethered to the traditional Pay TV ecosystem. Now, sports fans and others are increasingly seeking OTT offerings, which positions the Company well to provide consumers attractive streaming offerings featuring an enhanced live sports and entertainment viewing experience.

Our Business Model

Our business model is centered on operating and monetizing our sports-, news- and entertainment-focused live TV streaming offerings under multiple brands and distribution arrangements. Through our offerings, we seek to serve consumers across the demand curve, offering multiple plan options from “skinny” packages with a number of targeted channels to more robust packages at varying price points, designed to deliver greater choice and flexibility. We leverage sporting events and other popular news and entertainment programming to acquire subscribers at efficient acquisition costs, given built-in demand for such programming. For the Fubo Service, we leverage our technology and data to drive higher engagement and induce retentive behaviors such as watching content, favoriting channels, recording shows, and increasing discovery through our proprietary machine learning recommendations engine.

We drive our business model through three core strategies, coupled with disciplined capital management:

Seasonality

We typically generate significantly higher levels of revenue and subscriber additions in the fourth (July - September) and first (October - December) quarters of our fiscal year. This seasonality is driven primarily by an influx of new subscribers at the start of the National Football League and college football seasons as well as for the fall TV season when many entertainment networks premiere new programming. Our operating results may also be affected by the scheduling of major sporting events that do not occur annually, such as the World Cup, the cancellation or postponement of sporting events and adjustments to our content portfolio and corresponding availability of sports events. In addition, we typically see the total number of subscribers on our platform peak in the first quarter of our fiscal year (October - December).

Our Growth Strategies

We believe streaming has begun to surpass traditional Pay TV in several key areas, including content choice, ease of access and use across devices, product features and attractive pricing to consumers. Our growth strategy includes acquiring subscribers who view our offerings as a compelling sports, news and entertainment alternative to traditional Pay TV. We seek to actively engage those subscribers by providing a user experience that offers greater choice, flexibility and value, compared to traditional Pay TV providers. We believe we are well-positioned for future growth through our execution on the following strategies:

Intellectual Property

Our intellectual property is an essential and valuable element of our business. We rely on a combination of patent, trademark, copyright and other intellectual property laws, confidentiality agreements and license agreements to protect and enforce our intellectual property rights. We also license certain third-party technology and intellectual property for use in conjunction with our products.

We believe that our continued success depends on hiring and retaining highly capable and innovative employees, especially as it relates to our engineering base. It is our policy that our employees and independent contractors involved in intellectual property development are required to sign agreements acknowledging that all inventions, trade secrets, works of authorship, developments and other processes generated by them on our behalf are our property and assigning to us any ownership that they may claim in those works. Despite our precautions and policies, it may be possible for third parties to obtain and use without consent intellectual property that we own or license. Unauthorized use of our intellectual property by third parties, and the expenses incurred in protecting our intellectual property rights, may adversely affect our business, financial condition and results of operations.

Patents and Registered Designs

As of December 1, 2025, we had five issued U.S. utility patents, three U.S. pending utility patent applications, five granted foreign utility patents, sixteen foreign utility patent applications, and eighteen granted foreign design registrations in three jurisdictions. The issued U.S. utility patents expire in 2038 and 2041, the U.S. utility patent applications, if granted, will expire in 2041 and 2045, the granted foreign utility patents will expire on dates ranging from 2033 to 2038, the foreign utility patent applications, if granted, will expire on dates ranging from 2033 to 2041, and the foreign design registrations will expire on dates ranging from 2035 to 2045. Although we actively attempt to utilize patents to protect our technologies, we believe that none of our patents, individually or in the aggregate, are material to our business. We will continue to file and prosecute patent applications when appropriate to attempt to protect and enforce our rights in our proprietary technologies. However, there can be no assurance that our patent applications will be approved, that any patents issued will adequately protect our intellectual property, or that such patents will not be challenged by third parties or held to be invalid or unenforceable.

Trademarks

We also rely on several registered and unregistered trademarks to protect our brand and business. As of December 1, 2025, we had thirty-eight trademarks registered globally and two trademark applications. “fuboTV” and “FUBO” are registered trademarks in the United States and the European Union.

Competition

The Pay TV streaming market continues to grow and evolve as more viewers shift from traditional Pay TV to OTT streaming. There is significant competition in the live TV market for users, advertisers, and broadcasters. We principally compete with traditional Pay TV operators, such as DirecTV, Comcast, Cox and Altice, along with other digital multichannel video programming distributors (“DMVPDs”), such as YouTube TV, DirecTV and Sling TV. We also compete with network-operated direct-to-consumer streaming services, such as Peacock and Paramount+, as well as new offerings from traditional Pay TV operators, such as Comcast’s Xfinity Sports & News and DirecTV mySports, meant to offer a DMVPD-like product.

We compete on various factors to acquire and retain subscribers. These factors include quality and breadth of content offerings, especially within live sports; product features; user experience and engagement; brand awareness in the market; product pricing; and a competitive value proposition. Many users have multiple subscriptions to various Pay TV and streaming services and allocate time and money between them. Thus, while the presence of these competitors in the market has helped to boost consumer awareness of TV streaming, contributing to the growth of the overall market, their resources and brand recognition present substantial competitive challenges.

We also face competition for advertisers, which in part depends on our ability to scale our subscriber base. Pursuant to the commercial services agreement entered into in connection with the Business Combination, certain affiliates of Disney will sell ads on behalf of us for the Fubo Service and the Hulu Live Service in exchange for a portion of ad sale revenue. As a result, a portion of our business model depends on the marketing and sale of advertising inventory across our offerings pursuant to such agreement. We compete for advertising spend based in part on the scale and engagement of our subscriber base and on the effectiveness and return on investment of campaigns on our services relative to other digital advertising platforms, including mobile and web. Additionally, advertisers continue to allocate a substantial portion of their budgets to offline channels, and we therefore also compete with traditional media platforms such as traditional Pay TV and radio.

Furthermore, we compete to attract and retain content programmers. Our ability to license content from such programmers depends on the scale of our subscriber base as well as the economics and terms of the carriage and distribution agreements.

Our People and Human Capital Management

Who We Are

We are an inclusive group of individuals, creatives, technologists, analysts and more. Some of us love sports, some binge the news, others prefer rom-coms. But we are united by a common mission — building a consumer-first live TV streaming company delivering premium sports, news and entertainment programming through a best-in-class user experience that offers greater choice, flexibility and value.

As of December 1, 2025, we had approximately 510 employees globally, of which approximately 340 were located in North America and approximately 170 were located in Europe and India. Additionally, we rely on independent contractors and temporary personnel to supplement our workforce from time to time. We have not experienced any work stoppages, and we consider our relationship with our employees to be good. Our French employees are covered by the national collective bargaining agreement for the consulting and engineering activities in France. None of our other employees in the United States or internationally are represented by a labor union or covered by a collective bargaining agreement.

Our Values and Talent Development

We view our employees as central to the success of our business and achieving our mission. We onboard new employees with training programs on our values, certain aspects of our business, and important policies, including our Code of Business Conduct and Ethics. We also value ongoing development and continuous learning, and strive to support and provide enriching opportunities to our employees. Throughout the year we monitor employee engagement and provide periodic training and informational sessions on our business and policies, including security awareness, through a variety of forums, including all-hands meetings, senior leadership fireside chats and company-wide newsletters. Management uses input collected during these sessions to ensure ongoing awareness of employees’ needs and improve activities aimed to serve our customers. Collectively through these initiatives we aim to foster engagement and transparency with our employees, and to keep our employees well-informed on our business goals to enhance alignment, collaboration, and a shared sense of purpose among our employees.

Inclusion and Belonging

We prioritize building an inclusive, equitable, and empowered team representing a mix of backgrounds, industries, skills, and levels of experience. We believe the different backgrounds, traditions, views and talents each of our employees brings to us enrich the company as a whole and will help us achieve executional excellence. In 2020, we formed a council comprised of different team members throughout various levels of the organization, who recommend and help organize and celebrate both engagement and inclusion initiatives within the company. We are focused on creating and maintaining a workplace free from discrimination or harassment on the basis of race, religion, religious creed, color, ethnic or national origin, ancestry, gender, sexual orientation, age, marital status, military service or veteran status, disability, medical condition, or any other status protected by applicable law. Our policies and compliance trainings prohibit such workplace discrimination and harassment, and all our employees are expected to exhibit and promote honest, ethical, and respectful conduct in the workplace.

Compensation and Benefits

Our compensation programs and benefits packages are designed to attract, retain and motivate exceptional talent who possess the skills necessary to drive our business objectives, assist in the achievement of our strategic goals and create long-term value for our shareholders. We offer employees compensation packages designed to be competitive that include base salary, and, depending on the role, business function and geographic market, performance-based cash bonuses, commissions, long-term incentive equity, and performance-based equity. We are proud that we have granted equity to the majority of our employees across all levels of the organization as part of their total compensation package. We believe this fosters a stronger sense of ownership and further aligns our employees’ interests with the interest of our shareholders. In addition to our compensation programs, we offer a variety of benefits to our employees, which can include 401(k) plan with matching, health (medical, dental and vision) insurance, life insurance, paid time off, paid parental leave, a referral bonus program and company-sponsored short-term and long-term disability. We believe that a competitive compensation and benefits program with both short-term and long-term award opportunities, including awards tied to the achievement of meaningful performance metrics, allows us to align employees with shareholder interests.

Health and Safety

We are committed to the health and safety of our employees, and continue to adapt to ever-changing workplace and workforce dynamics. The majority of our employees have adopted a hybrid work schedule (consisting of both in-person work and working from home); however some of our employees continue to work remotely full-time, and, in the long term, we expect some personnel to continue to do so on a regular basis. We are focused on building capabilities to support a variety of work styles where individuals, teams, and our business can be successful. We have invested in programs that help support our employees’ day-to-day wellness needs and goals including access to professional counselors, health coaching and advocacy services. We also maintain a whistleblower hotline through which employees can report health and safety risks.

Government Regulation

Our business and our devices and platform are subject to numerous domestic and foreign laws and regulations covering a wide variety of subject matters. These include general business regulations and laws, as well as regulations and laws specific to providers of Internet-delivered streaming services and Internet-connected devices. New or modified laws and regulations in these areas may have an adverse effect on our business. The costs of compliance with these laws and regulations are high and are likely to increase in the future. We anticipate that several jurisdictions may, over time, impose greater financial and regulatory obligations on us. If we fail to comply with these laws and regulations, we may be subject to significant liabilities and other penalties. Additionally, compliance with these laws and regulations could, individually or in the aggregate, increase our cost of doing business, impact our competitive position relative to our peers, and otherwise have an adverse impact on our operating results. For additional information about the impact of government regulations on our business, see “Risk Factors—Risks Related to Regulation” and “Risk Factors—Risks Related to Privacy, Consumer Protection and Cybersecurity” in Part II, Item 1A in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, filed with the Securities and Exchange Commission (“SEC”) on November 3, 2025.

Data Protection and Privacy

We are subject to various laws and regulations covering the collection, use, access to, confidentiality and security of health-related and other personal information, and additional laws could apply in the future to our operations or the operations of our partners. These laws and regulations, and their application to our business, are increasingly shifting and evolving. In the United States, numerous federal and state laws and regulations, including data breach notification laws, health information privacy and security laws and consumer protection laws and regulations govern the collection, use, disclosure, and protection of health-related and other personal information. In addition, certain foreign laws govern the privacy and security of personal data, including health-related data. Any actual or perceived failure to comply with these laws and regulations may result in investigations, claims and proceedings, regulatory fines or significant civil and/or criminal penalties, damages for breach of contract, or orders that require us to change our business practices, including the way we process data.

For additional information about the impact of data protection and privacy regulations on our business, see “Risk Factors—Risks Related to Privacy, Consumer Protection and Cybersecurity” in Part II, Item 1A in our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, filed with the SEC on November 3, 2025.

Corporate Information

We were originally incorporated in 2009 as a Florida corporation. On the Closing Date, in connection with the Business Combination described below, we converted from a Florida corporation to a Delaware corporation and changed our name from fuboTV Inc. to FuboTV Inc. As part of the conversion, all of our issued and outstanding shares of common stock were automatically converted into issued and outstanding shares of Class A common stock, par value $0.0001 per share, and we created a new class of shares of Class B common stock of FuboTV Inc., par value $0.0001 per share.

On the Closing Date, the Company, Disney and Hulu completed the Business Combination, which combined our existing Fubo business with the Hulu Live Business. Pursuant to the Business Combination Agreement, (i) Hulu (x) contributed the HL Business Assets (described below) to Hulu Live LLC (“HL LLC”), (y) caused HL LLC to assume only the HL Business Liabilities (as defined in the Business Combination Agreement) and (z) contributed the Hulu Live Business and the HL Business Assets to a newly formed entity, Fubo Operations LLC (“Newco”), by transferring all of its right, title and interest in, to and under 100% of the equity interests of HL LLC to Newco, (ii) the Company underwent an “up-C” reorganization and contributed 100% of the equity interests in a newly formed, wholly-owned subsidiary, Fubo Services LLC, to which the Company had previously contributed the Company’s business prior to the Closing Date, to Newco in exchange for units in Newco (“Newco Units”), resulting in Hulu holding a number of Newco Units representing, in the aggregate, a 70% economic interest (calculated on a fully-diluted basis) in Newco and the Company holding a number of Newco Units representing, in the aggregate, a 30% economic interest (calculated on a fully-diluted basis) in Newco, and (iii) the Company issued to Hulu shares of the Company’s Class B common stock representing, in the aggregate, a 70% voting interest in the Company (calculated on a fully-diluted basis). The HL Business Assets include certain carriage agreements, rights under joint subscription agreements and related data and information about its subscribers, advertising or sponsorship agreements exclusively related to Hulu Live Service, all other assets (including intellectual property) exclusively related to the Hulu Live Service and all intellectual property constituting the “Live TV” brand.

Our principal executive offices are located at 1290 Avenue of the Americas, 9th Floor, New York, New York 10104, and our telephone number is (212) 672-0055.

Available Information

Our internet website address is www.fubo.tv. At the Investor Relations page of our website, ir.fubo.tv, we make available free of charge a variety of information for investors, including our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports, as soon as reasonably practicable after we electronically file that material with or furnish it to the SEC.

We announce material information to the public through filings with the SEC, the investor relations page on our website, press releases, our or our Chief Executive Officer’s X accounts (@fuboTV; @fuboTV_PR; @DavidGandler), our Instagram account (@fubotv), our Facebook page (www.facebook.com/fuboTV), our LinkedIn page (www.linkedin.com/company/fubotv/), public conference calls, and webcasts in order to achieve broad, non-exclusionary distribution of information to the public and for complying with our disclosure obligations under Regulation FD. We encourage investors, the media, and others to follow the channels listed above and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page on our website.

Except as specifically indicated otherwise, the information found or available by hyperlink on our website or any other outlets we identify from time to time is not and shall not be deemed to be part of this or any other report we file with, or furnish to, the SEC.

Exhibit 99.2

MANAGEMENT’S DISCUSSION AND ANALYSIS

OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following Management’s Discussion and Analysis (“MD&A”) for the fiscal years ended September 27, 2025, September 28, 2024 and September 30, 2023 should be read in conjunction with, and as a supplement to, our historical combined financial statements and the accompanying notes thereto (the “Combined Financial Statements”) and our unaudited pro forma condensed combined financial information and the accompanying notes thereto (the “Pro Forma Financial Information”) each of which is attached as an exhibit to, and incorporated by reference in, the Current Report on Form 8-K/A in which this MD&A appears, filed by FuboTV Inc.(“Fubo”) with the Securities and Exchange Commission on December 23, 2025 (the “Fubo Form 8-K/A”). The following MD&A relates to the Hulu Live Business (“we”, “us”, “our”). The following discussion may contain forward-looking statements. Actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to these differences include those factors discussed below, in the section of the Fubo Form 8-K/A captioned “Forward-Looking Statements,” and in Part II, Item 1A, “Risk Factors” of Fubo’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025 filed by Fubo with the Securities and Exchange Commission on November 3, 2025 (the “Fubo 10-Q”).

Business Overview

The Hulu Live Business consists of acquiring live TV content and licensing such content to Hulu, LLC (“Hulu”) for a fee to distribute via a digital multichannel video programming distributor (“DMVPD”) service currently branded as “Hulu + Live TV” (the “HL DMVPD Service”). Accordingly, the Hulu Live Business’s operations primarily include the negotiation and administration of programming agreements for live TV content. The Hulu Live Business’s acquired live TV content includes 90+ sports, news, entertainment and kids’ channels, which include the four major broadcast networks, ABC, CBS, FOX, and NBC.

The Hulu Live Business has historically operated as part of Hulu, which is controlled and consolidated by The Walt Disney Company (“Disney”; Disney and its subsidiaries through which businesses are conducted, including Hulu, are collectively referred to as the “Disney Entities”). Historically, Hulu’s business included, among other things, acquiring live TV content, operating the HL DMVPD Service, developing and acquiring non-live sports and entertainment content and distributing such content directly to Hulu’s customers through its subscription video-on-demand (“SVOD”) direct-to-consumer service. The distribution of the Hulu + Live TV content on the Hulu platform, including the related subscription revenue, as well as the development, acquisition and distribution of non-live and live TV content in connection with Hulu’s SVOD direct-to-consumer service (and any premium add-on services thereto) is outside of the operations of the Hulu Live Business.

Business Combination with Fubo

On October 29, 2025 (the “Closing Date”), Disney, Hulu and Fubo, a publicly traded company that principally operates a DMVPD, completed their previously announced combination of the Hulu Live Business with Fubo’s business.

In connection with the consummation of the business combination of the Hulu Live Business with Fubo, (i) Hulu contributed the Hulu Live Business to a newly formed entity, Hulu Live LLC (“HL”), (ii) Hulu contributed HL, and thus the Hulu Live Business, to a newly formed entity, Fubo Operations LLC (“Newco”), (iii) Fubo underwent an “Up-C” reorganization and contributed its business to Newco in exchange for units in Newco (“Newco Units”) such that, after giving effect to such contribution, Hulu holds a number of Newco Units representing, in the aggregate, a 70% economic interest in Newco (calculated on a fully-diluted basis) and Fubo holds a number of Newco Units representing, in the aggregate, a 30% economic interest in Newco (calculated on a fully-diluted basis), and (iv) Fubo issued to Hulu shares of a newly created vote-only class of Fubo’s common stock representing, in the aggregate, a 70% voting interest in Fubo (calculated on a fully-diluted basis) (collectively, the “Fubo Transactions”). Immediately following the consummation of the Fubo Transactions, Newco became a consolidated subsidiary of Fubo, with the Fubo DMVPD service and the Hulu Live Business operating as separate businesses. Fubo is majority owned and controlled (70% interest (calculated on a fully diluted basis)) directly by Hulu and consolidated by Disney as the parent of Hulu.

On the Closing Date, Hulu and HL entered into an agreement whereby HL, in exchange for a wholesale fee, granted to Hulu the right, license and obligation to distribute the HL DMVPD Service via the Hulu platform on a wholesale basis. In addition, HL is contractually entitled to a share of advertising revenues generated by the Disney Entities. The historical revenues within the Combined Financial Statements do not reflect the anticipated impacts of advertising revenues or the wholesale fee as calculated under the commercial arrangements, which is equal to 95% (initially) of carriage fee expenses incurred by the Hulu Live Business, but presented at 100% for purposes of the Combined Financial Statements included as Exhibit 99.3 to the Fubo Form 8-K/A and in this discussion. The commercial agreement has an initial term of five years following the Closing Date and will be renewable for an additional five-year term by mutual agreement. For further information on the Hulu Live Business and the impact of the Fubo Transactions on the Hulu Live Business, see Exhibit 99.4 to the Fubo Form 8-K/A.

BASIS OF PRESENTATION

Refer to Note 2 of the Combined Financial Statements included in Exhibit 99.3 to the Fubo Form 8-K/A for a discussion of the basis used to prepare the Hulu Live Business’s combined financial statements.

KEY FACTORS AFFECTING THE BUSINESS

The growth and future success of the Hulu Live Business depends on many factors that present significant opportunities while posing challenges that we must address. The financial condition and results of operations of the Hulu Live Business have been, and may be, affected by numerous factors including those presented below in the section of the Fubo Form 8-K/A captioned “Forward-Looking Statements,” and in Part II, Item 1A, “Risk Factors” of the Fubo 10-Q.

Content Acquisition and Renewal

The Hulu Live Business renews or renegotiates its linear network carriage agreements from time to time in the ordinary course of business. Consolidation and other market conditions in the cable, satellite and telecommunication distribution industry, including subscriber levels and other factors, may adversely affect our ability to obtain and maintain contractual terms that are as favorable as those currently in place. Less favorable pricing terms in new, renewed or extended carriage agreements may have an adverse impact on our operations.

Subscriber Acquisition and Retention and Brand Awareness

The Hulu Live Business depends on Hulu’s subscriber base to earn revenue, and the strength of the Hulu brand contributes to Hulu’s ability to attract and retain subscribers. Potential subscribers have numerous choices of streaming platforms and pay television providers. Hulu, and its competitors, attract subscribers from each other’s existing subscriber bases as well as from first-time purchasers of pay TV services.

Macroeconomic Factors

Macroeconomic factors such as inflation and recessionary trends have contributed to an environment of volatility and uncertainty. High interest rates and other macroeconomic headwinds have persisted in recent years. Consumers may modify their discretionary spending habits in light of economic conditions, which may have an adverse effect on Hulu’s subscriber base, thus impacting the Hulu Live Business’s wholesale fee.

COMPONENTS OF RESULTS OF OPERATIONS

Revenues

The Hulu Live Business primarily generates revenue from licensing its acquired live TV content, which includes 90+ sports, news, entertainment and kids’ channels, to Hulu for distribution to end-consumers. In exchange, the Hulu Live Business receives a wholesale fee from Hulu equal to fixed per subscriber programming fees incurred to acquire the live TV content (see Costs of revenue below). The wholesale fee is recognized as revenue as the live TV content is provided to Hulu to provide to its customers.

Costs of revenue

Costs of revenue consist of acquired live TV content rights for which the Hulu Live Business pays a fixed per subscriber programming fee to the content licensor. These fees are recorded as an expense as the content is aired.

Marketing costs

The Hulu Live Business incurs general brand marketing and media costs, which include payroll and related expenses for internal personnel involved in marketing, as well as agency fees related to marketing the Hulu brand, all of which are allocated from Hulu.

General and administrative expenses

General and administrative expenses consist of expense allocations from Hulu and Disney for support functions provided to the Hulu Live Business, including employee related expenses for personnel involved in content acquisition and management as well as corporate, executive, and other administrative functions; charges for the use of shared assets such as facilities and software; and other expenses related to corporate functions that provide support to the Hulu Live Business.

RESULTS OF OPERATIONS

Comparison of the Years Ended September 27, 2025 and September 28, 2024

Higher revenues, consisting of wholesale licensing fees charged to Hulu at a rate equal to the Hulu Live Business’s subscriber-based programming costs, were driven by increased linear network carriage fees, which are included in the Hulu Live Business’s costs of revenue.

Higher costs of revenue were due to an increase in subscriber-based fees primarily attributable to rate increases, partially offset by lower subscriber volumes.

Decreases in selling, general and administrative expenses were not material to the results of operations.

Comparison of the Years Ended September 28, 2024 and September 30, 2023

Higher revenues, consisting of wholesale licensing fees charged to Hulu at a rate equal to the Hulu Live Business’s subscriber-based programming costs, were driven by increased linear network carriage fees, which are included in the Hulu Live Business’s costs of revenue.

Higher costs of revenue were due to an increase in subscriber-based fees primarily attributable to rate increases, and, to a lesser extent, higher subscriber volumes.

Decreases in selling, general and administrative expenses were not material to the results of operations.

LIQUIDITY AND CAPITAL RESOURCES

The following table summarizes the cash flow activities of the Hulu Live Business for the periods presented:

Net Cash Used by Operating Activities

Cash used in operating activities for the fiscal year ended September 27, 2025 increased by $26 million to $166 million compared to $140 million in the fiscal year ended September 28, 2024. The increase in cash used in operating activities was driven primarily by changes in working capital. The fiscal year ended September 27, 2025 reflects a net decrease in accounts payable and accrued liabilities compared to a net increase in accounts payable and accrued liabilities reflected in the fiscal year ended September 28, 2024. The changes in accounts payable and accrued liabilities were driven primarily by increases in effective rates for network carriage fees in the fiscal year 2024 that outpaced rate increases in the fiscal year 2025.

Cash used in operating activities for the fiscal year ended September 28, 2024 increased by $44 million to $140 million compared to $96 million in the fiscal year ended September 30, 2023. The increase in cash used in operating activities was driven primarily by changes in working capital. Accounts payable balances increased by a lesser amount in fiscal year 2024 than in the fiscal year 2023 due primarily to the timing of linear network carriage fee payments.

Net Cash Provided by Financing Activities

Cash provided by financing activities consists of net transactions with the Disney Entities. Disney utilizes a centralized approach to cash management and the financing of its operations; prior to the Closing Date, Disney provided funds to the Hulu Live Business under this centralized cash management approach. Cash transfers from Disney related to services provided by the Disney Entities to the Hulu Live Business were $166 million, $140 million, and $96 million for the fiscal years ended September 27, 2025, September 28, 2024, and September 30, 2023, respectively.

Disney has committed that it will provide assistance to the Hulu Live Business to enable the Hulu Live Business to continue its operations and fulfill its obligations for the 12 month period following the issuance of the Combined Financial Statements. Management believes that the financial support from Disney will provide sufficient liquidity to meet the Hulu Live Business’s projected obligations for at least twelve months from December 23, 2025, the date the Combined Financial Statements were issued.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Combined Financial Statements and the reported amounts of revenues and expenses during the corresponding reporting period. Actual results could differ from those estimates.

Goodwill

The Hulu Live Business is required to test goodwill for impairment on an annual basis and, if current events or circumstances require, on an interim basis. The Hulu Live Business performs its annual test of goodwill for impairment in its fiscal fourth quarter.

Goodwill is allocated to reporting units, which are an operating segment or one level below the operating segment. Management determined that the Hulu Live Business comprises a single reporting unit.

To test goodwill for impairment, a qualitative assessment is performed to determine if it is more likely than not that the carrying amount of the Hulu Live Business’s reporting unit exceeds its fair value. If it is, a quantitative assessment is required. Alternatively, the Hulu Live Business may bypass the qualitative assessment and perform a quantitative test.

The qualitative assessment requires the consideration of factors such as recent market transactions, macroeconomic and industry specific conditions, and changes in projected reporting unit future cash flows.

The quantitative assessment compares the fair value of the reporting unit to its carrying amount, and, to the extent the carrying amount exceeds the fair value, an impairment of goodwill is recognized for the excess up to the total amount of goodwill.

Management performed a qualitative goodwill impairment assessment for the 2025, 2024 and 2023 fiscal years and, based on the assessment, no impairment charges of goodwill were recorded. At September 27, 2025, the Hulu Live Business did not identify any triggering events requiring an additional goodwill impairment assessment.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Prior to the Closing Date, the Hulu Live Business participated in a cash management arrangement with the Disney Entities, and accordingly, did not hold its own cash and did not have access to any of Disney’s credit facilities as a source of additional liquidity. These circumstances resulted in a historical net working capital deficit (i.e., total current liabilities in excess of total current assets) at the end of certain reporting periods. Management believes that the financial support from Disney effectively addresses potential future liquidity risk of the Hulu Live Business.

The Hulu Live Business’s revenues are subject to significant concentration risk from a single related party customer. The loss of this significant related party customer could have a material adverse effect on our business, financial condition, and results of operations.

ACCOUNTING STANDARDS NOT YET ADOPTED

During the fiscal year ended September 27, 2025, there were no accounting pronouncements that are significant or potentially significant to the Hulu Live Business.

Exhibit 99.3

Hulu Live Business

US GAAP Combined Financial Statements

With Report of Independent Auditors

Fiscal Years Ended September 27, 2025, September 28, 2024 and September 30, 2023

Hulu Live Business

Combined Financial Statements

Table of Contents

Report of Independent Registered Public Accounting Firm

To the Management and Shareholder of the Hulu Live Business

Opinion on the Financial Statements

We have audited the accompanying combined balance sheets of the Hulu Live Business (the “Business”) as of September 27, 2025, September 28, 2024 and September 30, 2023, and the related combined statements of operations, of comprehensive loss, of changes in net parent investment and of cash flows for the years then ended, including the related notes (collectively referred to as the “combined financial statements”). In our opinion, the combined financial statements present fairly, in all material respects, the financial position of the Business as of September 27, 2025, September 28, 2024 and September 30, 2023, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These combined financial statements are the responsibility of the Business’s management. Our responsibility is to express an opinion on the Business’s combined financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Business in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these combined financial statements in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the combined financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the combined financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the combined financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the combined financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matter communicated below is a matter arising from the current period audit of the combined financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the combined financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the combined financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Programming Costs

As described in Notes 1, 2, 3 and 5 to the combined financial statements, the Business’s operations primarily include the negotiation and administration of programming agreements for live TV content. The Business’s most significant costs are its programming costs which are presented within costs of revenue and recorded as an expense as the content is aired. Total programming costs incurred by the Business for the year ended September 27, 2025 were $4.4 billion.

The principal consideration for our determination that performing procedures relating to programming costs is a critical audit matter is a high degree of auditor effort in performing procedures related to the recognition of programming costs.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the combined financial statements. These procedures included, among others, testing programming costs recognized for a sample of programming cost transactions by obtaining and inspecting source documents, such as third-party contracts and affiliate distribution rights computations and performing recalculations of programming costs incurred in order to evaluate the reasonableness of amounts recorded by management.

/s/ PricewaterhouseCoopers LLP

Los Angeles, California

December 23, 2025

We have served as the Business’s auditor since 2025.

Hulu Live Business

Combined Statements of Operations

See accompanying notes.

Hulu Live Business

Combined Statements of Comprehensive Loss

See accompanying notes.

Hulu Live Business

Combined Balance Sheets

See accompanying notes.

Hulu Live Business

Combined Statements of Cash Flows

See accompanying notes.

Hulu Live Business

Combined Statements of Changes in Net Parent Investment

See accompanying notes.

Hulu Live Business

Notes to Combined Financial Statements

1. Description of Business

The Hulu Live Business (“we”, “us”, “our”, or the “Business”) consists of acquiring live TV content and licensing such content to Hulu, LLC (“Hulu”) for a fee to distribute via a digital multichannel video programming distributor (“DMVPD”) service currently branded as “Hulu + Live TV” (the “HL DMVPD Service”). Accordingly, the Business’s operations primarily include the negotiation and administration of programming agreements for live TV content. The Business’s acquired live TV content includes 90+ sports, news, entertainment and kids’ channels, which include the four major broadcast networks, ABC, CBS, FOX, and NBC.

The Business has historically operated as part of Hulu, which is controlled and consolidated by The Walt Disney Company (“Disney” or “Parent”) (Disney and its subsidiaries through which businesses are conducted, including Hulu, are collectively referred to as the “Disney Entities”). Historically, Hulu’s business included, among other things, acquiring live TV content, operating the HL DMVPD Service, developing and acquiring non-live sports and entertainment content and distributing such content directly to Hulu’s customers through its subscription video-on-demand (“SVOD”) direct-to-consumer service. The distribution of the Hulu + Live TV content on the Hulu platform, including the related subscription revenue, as well as the development, acquisition and distribution of non-live and live TV content in connection with Hulu’s SVOD direct-to-consumer service (and any premium add-on services thereto) is outside of the operations of the Business.

The Business’s General Manager is determined to be the Chief Operating Decision Maker (“CODM”). The CODM reviews net profit (loss) to assess performance and make decisions for resource allocation. The only significant expenses were those shown in the Combined Statements of Operations. The Business operates as a single operating segment.

Acquisition of NBCU Interest

In the 2024 and 2023 fiscal years, Hulu was 67% owned by Disney and 33% owned by NBC Universal (“NBCU”). On June 27, 2025, Disney completed the acquisition of NBCU’s 33% interest in Hulu, giving Disney 100% ownership of Hulu. Subsequent to the closing of such acquisition, on June 28, 2025, Hulu’s U.S. income tax classification changed.

Our Combined Financial Statements include certain transactions with NBCU that are disclosed as related party transactions for the periods prior to Disney’s acquisition of NBCU’s interest in Hulu. On June 27, 2025, NBCU ceased to be a related party to the Business and, accordingly, transactions or balances with NBCU which occurred after June 26, 2025, have been reported as third party transactions. Further, our Combined Financial Statements do not present income tax for the periods in which Hulu was a non-taxable partnership. For periods after June 27, 2025, the Business’s income tax provision has been reflected on a separate return basis.

Hulu Live Business

Notes to Combined Financial Statements

Business Combination with FuboTV Inc.

On October 29, 2025 (the “Closing Date”), Disney, Hulu and FuboTV Inc. (“Fubo”), a publicly traded company that principally operates a DMVPD, completed their previously announced combination of the Hulu Live Business with Fubo’s business.

In connection with the consummation of the business combination of the Hulu Live Business with Fubo, (i) Hulu contributed the Business to a newly formed entity, Hulu Live LLC, (ii) Hulu contributed Hulu Live LLC, and thus the Business, to a newly formed entity, Fubo Operations LLC (“Newco”), (iii) Fubo underwent an “Up-C” reorganization and contributed its business to Newco in exchange for units in Newco (“Newco Units”) such that, after giving effect to such contribution, Hulu holds a number of Newco Units representing, in the aggregate, a 70% economic interest in Newco (calculated on a fully-diluted basis) and Fubo holds a number of Newco Units representing, in the aggregate, a 30% economic interest in Newco (calculated on a fully-diluted basis), and (iv) Fubo issued to Hulu shares of a newly created vote-only class of Fubo’s common stock representing, in the aggregate, a 70% voting interest in Fubo (calculated on a fully-diluted basis) (collectively, the “Fubo Transactions”). Immediately following the consummation of the Fubo Transactions, Newco became a consolidated subsidiary of Fubo, with the Fubo DMVPD service and the Hulu Live Business operating as separate businesses. Fubo is majority owned and controlled (70% interest (calculated on a fully-diluted basis)) directly by Hulu and consolidated by Disney as the parent of Hulu.

On the Closing Date, Newco issued 948 million Newco Units to Hulu LLC in exchange for Hulu Live LLC and the Business’s Net Parent Investment was converted to unitholders’ equity. There are no additional potentially dilutive shares outstanding.

2. Basis of Presentation

The Business has historically existed and functioned as part of the consolidated businesses of the Disney Entities. For purposes of presenting the historical performance of the Business on a standalone basis, combined carve-out historical statements of operations, balance sheets and cash flows (collectively, the “Combined Financial Statements”) have been prepared. The Combined Financial Statements present certain assets and liabilities that have historically been held by Hulu but are specifically identifiable or otherwise attributable to the Business. The Combined Financial Statements present the Business as it was historically managed and operated by the Disney Entities. The Combined Financial Statements have been derived from the consolidated financial statements and accounting records of the Disney Entities for the periods presented. The Combined Financial Statements have been prepared in accordance with SEC Staff Accounting Bulletin (SAB) Topic 1-B, Allocation of Expenses and Related Disclosure in Financial Statements of Subsidiaries, Divisions or Lesser Business Components of Another Entity and accounting principles generally accepted in the United States (“US GAAP”).

Hulu Live Business

Notes to Combined Financial Statements

Management believes the assumptions underlying the Combined Financial Statements, including the assumptions regarding allocating general corporate expenses, are reasonable. However, the Combined Financial Statements may not include all of the actual expenses that would have been incurred by the Business (and may not reflect the combined results of operations, financial position, and cash flows thereof) had the Business operated independently of the Disney Entities in the periods presented. Actual costs that would have been incurred if the Business had operated as a standalone independent entity would depend on multiple factors, including organizational structure and strategic decisions made in various areas, including marketing, technology, finance, and other general and administrative costs, that could differ from the allocated expenses presented herein. Accordingly, the Business is unable to quantify the amounts that it would have recorded during the historical periods on a standalone basis.

Principal assumptions underlying the Combined Financial Statements include:

Hulu Live Business

Notes to Combined Financial Statements

Reporting Period

The Business’s fiscal year ends on the Saturday closest to September 30 and consists of 52 weeks with the exception that approximately every six years, the Business has a 53-week year. When a 53-week year occurs, the Business reports the additional week in the fourth quarter. Fiscal years 2025, 2024 and 2023 were 52-week years.

Liquidity and Capital Resources

As a result of our participation in Disney’s cash management arrangement prior to the Closing Date, we did not hold our own cash and did not have access to any of Disney’s credit facilities as a source of additional liquidity. Accordingly, these circumstances resulted in a historical net working capital deficit (i.e., total current liabilities in excess of total current assets) at the end of certain reporting periods.

To address potential future liquidity risk, the Business has obtained a letter of support from Disney. Disney has committed that it will provide assistance to the Business to enable the Business to continue its operations and fulfill its obligations for the 12 month period following the issuance of the Combined Financial Statements. Management believes that the financial support from Disney will provide sufficient liquidity to meet the Business’s projected obligations for at least twelve months from December 23, 2025, the date these Combined Financial Statements were issued.

3. Summary of Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Combined Financial Statements and the reported amounts of revenues and expenses during the corresponding reporting period. Actual results could differ from those estimates.

Hulu Live Business

Notes to Combined Financial Statements

Revenue Recognition

The Business’s primary source of revenue relates to its programming agreements with Hulu for which it earns a wholesale fee equal to the Business’s fixed per subscriber programming fees to acquire the live TV content (see Costs of Revenue below). The wholesale fee is recognized as revenue as the live TV content is provided to Hulu to provide to its customers.

Revenue from third parties was less than 0.5% of the Business’s revenue for each of the 2025, 2024 and 2023 fiscal years. The Business’s revenues are therefore subject to significant concentration risk.

Costs of Revenue

Costs of revenue primarily consist of programming costs, which are acquired live TV content rights for which the Business pays a fixed per subscriber programming fee to the content licensor. These fees are recorded as an expense as the content is aired.

Marketing Costs

Marketing costs include general brand marketing and media costs, which includes an allocation of costs from Hulu associated with payroll and related expenses for Hulu personnel involved in marketing, as well as agency fees related to marketing the Hulu brand. The Business expenses marketing costs as incurred. Refer to Note 5—Related Party Transactions for additional information.

Net Loss per Unit

Due to the change in the Business’s capital structure that occurred after September 27, 2025, as described in Note 1—Description of Business—Business Combination with FuboTV Inc., the Business presents basic net loss per unit retrospectively based on the number of Newco Units issued to Hulu LLC on the Closing Date.

Income Taxes

The tax provision computation is based on the separate return method. The Business is a component business of Hulu, which was a non-taxable partnership in the United States through June 27, 2025, when Disney acquired NBCU’s 33% interest in Hulu. Hulu’s partnership status was terminated as a result of the acquisition for U.S. tax purposes on June 28, 2025. Consequently, income tax (tax expense, tax payable, or deferred tax) for the Combined Financial Statements was not presented for periods before June 28, 2025.

Hulu Live Business

Notes to Combined Financial Statements

Accounts Receivable and Other

Accounts receivable and other primarily represent third party receivables from customers. It was determined that no allowance for credit losses is necessary for the periods presented. The following table summarizes the classification of accounts receivable and other in the Combined Balance Sheets:

Goodwill

The Business is required to test goodwill for impairment on an annual basis and, if current events or circumstances require, on an interim basis. The Business performs its annual test of goodwill for impairment in its fiscal fourth quarter. In preparing the Combined Financial Statements, the Business’s goodwill was evaluated for potential impairment on a standalone basis.

Goodwill is allocated to reporting units, which are an operating segment or one level below the operating segment. The Business was determined to be a single reporting unit.

To test goodwill for impairment, the Business performs a qualitative assessment to determine if it is more likely than not that the carrying amount of its reporting unit exceeds its fair value. If it is, a quantitative assessment is required. Alternatively, the Business may bypass the qualitative assessment and perform a quantitative test.

The qualitative assessment requires the consideration of factors such as recent market transactions, macroeconomic and industry specific conditions, and changes in projected reporting unit future cash flows.

The quantitative assessment compares the fair value of the reporting unit to its carrying amount, and, to the extent the carrying amount exceeds the fair value, an impairment of goodwill is recognized for the excess up to the total amount of goodwill.

Management performed a qualitative goodwill impairment assessment for the 2025, 2024 and 2023 fiscal years and, based on the review performed, no impairment charges were recorded to goodwill.

Hulu Live Business

Notes to Combined Financial Statements

Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities represent amounts owed by the Business for specific, identifiable obligations related to programming costs, where each payable is tracked individually based on contractual terms. These liabilities are recognized when the related programming is received and settled as payments are made, which generally occurs on a monthly basis.

Recent Accounting Pronouncements

There are no recently issued accounting pronouncements that we expect would materially impact the Business.

4. Income Taxes

For the periods after June 27, 2025, the Business’s income tax provision has been reflected on a separate return basis.

⁽¹⁾ Hulu was a non-taxable partnership for U.S. tax purposes through June 27, 2025. The federal income tax rate reflects the statutory tax rate applied to the pretax income of the Hulu Live Business.

Hulu Live Business

Notes to Combined Financial Statements

5. Related Party Transactions

We have not historically operated as a standalone business and have various relationships with the Disney Entities whereby they provide us with significant corporate, infrastructure and shared services.

As described in Note 2—Basis of Presentation, costs and expenses related to services provided by the Disney Entities on a centralized basis are attributed to us based on our direct usage when identifiable, with the remainder allocated on a pro rata basis using an applicable measure, such as the relative percentage of revenue of the Business to the total revenue of Disney or Hulu, to estimate our usage of the related centralized services.

The following table summarizes the classification of allocated shared costs in Selling, general and administrative in the Combined Statements of Operations for the fiscal years ended September 27, 2025, September 28, 2024 and September 30, 2023, respectively.

Hulu Live Business

Notes to Combined Financial Statements

Management considers the allocation methodologies used to be reasonable, such that the allocations appropriately reflect the various Disney Entities’ historical expenses attributable to the Business for purposes of the Combined Financial Statements. The amounts that would have been, or will be, incurred on a standalone basis could materially differ from those historical allocated amounts due to a number of factors, including the chosen organization structure, whether functions were outsourced or performed by our employees and strategic decisions made in areas such as information technology, infrastructure and shared services. Management does not believe that it is practicable to estimate what those expenses would have been had we operated as an independent entity, including any expenses associated with obtaining the services from unaffiliated entities. The costs and expenses allocated to our combined statements of income for services provided by the Disney Entities are reported within Net Parent investment as a component of equity in our combined balance sheets.

Programming Costs

The Business acquires the majority of its live TV programming from the Disney Entities, including entities that Disney consolidates and has significant influence over. In addition, the Business acquires a portion of its live TV programming from NBCU. Prior to June 27, 2025, Hulu was 33% owned by NBCU. Therefore, transactions with NBCU for the 2023 and 2024 fiscal years and for periods in fiscal year 2025 prior to June 27, 2025 are presented as related party transactions. Transactions with NBCU that occurred on or after June 27, 2025 are no longer related party transactions and are presented as third party costs.

The costs to acquire live TV programming from these related parties are included in Costs of revenues in the Combined Statements of Operations as follows:

Hulu Live Business

Notes to Combined Financial Statements

Accounts Payable and Accrued Liabilities

Related party accounts payable in the Combined Balance Sheets are as follows:

Related party accrued liabilities in the Combined Balance Sheets are as follows:

Cash Management and Financing

Prior to the Closing Date, the Business’s Treasury function was maintained by Disney. Accordingly, no cash, cash equivalents, or marketable securities have been attributed to the Combined Financial Statements. Prior to the Closing Date, Disney utilized a centralized approach to cash management and the financing of its operations. Under this centralized cash management approach, Disney provided funds to the Business.

Cash transfers from Disney related to services provided by the Disney Entities were $166,357 thousand, $140,216 thousand and $95,579 thousand for the years ended September 27, 2025, September 28, 2024 and September 30, 2023, respectively. Net contributions from Disney are included within Net Parent investment in the Combined Statements of Changes in Net Parent Investment.

Refer to Note 1—Description of Business—Business Combination with FuboTV Inc., for a description of the business combination entered into during the first quarter of fiscal year 2026.

Management performed a review of events subsequent to September 27, 2025, the date of the Business’s latest Combined Balance Sheet, through December 23, 2025, the date the Combined Financial Statements were issued and determined that there were no other such events requiring recognition or disclosure in the Combined Financial Statements.

Exhibit 99.4

FuboTV Inc.

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

The following unaudited pro forma condensed combined financial information is presented to illustrate the estimated effects of the Transactions as defined and described below. The unaudited pro forma condensed combined financial information is provided for illustrative purposes only and is not necessarily indicative of what the actual results of operations and financial position would have been had the Transactions and the Financing (defined below) taken place on the dates indicated, nor are they indicative of the future consolidated results of operations or financial position of the combined company.

On October 29, 2025 (the “Closing Date”), FuboTV Inc. (the “Company” or “Fubo”), The Walt Disney Company (“Disney”) and Hulu, LLC (“Hulu”) consummated the transactions contemplated by the Business Combination Agreement, dated as of January 6, 2025 (the “Business Combination Agreement”), by and among Fubo, Disney and Hulu, pursuant to which the parties combined Fubo’s business with Disney’s Hulu + Live TV business, as set forth below.

In anticipation of the closing of the transactions contemplated by the Business Combination Agreement (the “Closing”), each of Fubo and Hulu completed certain reorganization transactions as prescribed by the Business Combination Agreement (individually, the “Fubo Reorganization” and the “Hulu Reorganization”, and collectively, the “Pre-Closing Reorganization”). These transactions, among other things, included the following:

On the Closing Date, pursuant to the Business Combination Agreement, each of the Company, Disney and Hulu took the following steps (together with the Pre-Closing Reorganization, the “Transactions”):

Following the consummation of the Transactions, Newco is structured as an umbrella partnership C (“Up-C”) corporation and is governed by the Newco Operating Agreement (as described in further detail below).

On January 6, 2025, concurrently with the execution of the Business Combination Agreement, Fubo and an affiliate of Disney entered into a commitment letter, pursuant to which such affiliate committed to provide Fubo, on January 5, 2026 and on the terms and subject to the conditions set forth therein, up to $145.0 million of indebtedness in the form of a senior unsecured term facility (the “Facility”). The funding of the Facility under the commitment letter is contingent on customary conditions, but is not contingent on the consummation of the transactions contemplated by the Business Combination Agreement. Fubo expects to borrow $145.0 million under the Facility which becomes available on January 5, 2026, and intends to use the proceeds to repay its senior convertible notes due February 2026 (the “2026 Convertible Notes”), and for other general corporate purposes (the “Financing”).

The Closing constituted a Fundamental Change and Make-Whole Fundamental Change, as defined in that certain indenture (the “2026 Indenture”) relating to the 2026 Convertible Notes and that certain indenture (the “2029 Indenture”; each of the 2026 Indenture and the 2029 Indenture, an “Indenture”) relating to Fubo’s senior convertible notes due February 2029 (the “2029 Convertible Notes”). As required by each Indenture and as more fully described in the Current Report on Form 8-K filed by Fubo with the SEC on November 24, 2025 , Fubo commenced its offers to repurchase the 2026 Convertible Notes and the 2029 Convertible Notes on November 24, 2025 at a repurchase price equal to 100% of the principal amount of such notes being repurchased, plus accrued and unpaid interest thereon. The offers to repurchase expire on January 6, 2026 and January 13, 2026 for the 2029 Convertible Notes and 2026 Convertible Notes, respectively. The accompanying unaudited pro forma condensed combined financial information assumes no repurchases of the 2026 Convertible Notes or the 2029 Convertible Notes have occurred during the periods presented. The 2026 Convertible Notes are assumed to be repaid in connection with the Financing, as described above. The 2029 Convertible Notes are assumed to remain outstanding for all periods presented, and therefore remain classified as noncurrent in the unaudited pro forma condensed combined balance sheet.

The unaudited pro forma condensed combined financial information has been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and Article 11 of Regulation S-X. The unaudited pro forma condensed combined financial information is based on the historical combined carve-out financial statements of the Hulu Live Business and the historical consolidated financial statements of Fubo, as adjusted to give effect to the Transactions and the Financing.

Prior to the Closing, the Hulu Live Business’s fiscal year ended on the Saturday closest to September 30, and Fubo’s historical fiscal year end was December 31. In connection with the Transactions, effective as of the Closing Date, Fubo changed its fiscal year end to September 30, with its first full fiscal year following the Closing Date to end on September 30, 2026. As more fully described in the section below titled “Accounting Treatment of the Transactions”, HL is treated as the accounting acquirer of Fubo in the Transactions accounted for as a reverse acquisition. As a result, following the Closing, the historical combined carve-out financial statements of the Hulu Live Business will become the historical financial statements of Fubo. The unaudited pro forma condensed combined financial information is therefore presented on the basis of the Hulu Live Business’s fiscal year end and combines the following:

The unaudited pro forma condensed combined balance sheet gives pro forma effect to the Transactions and the Financing, as if they had been consummated on September 27, 2025. The unaudited pro forma condensed combined statement of operations for the fiscal year ended September 27, 2025 gives effect to the Transactions and the Financing as if they had been consummated on September 29, 2024, the beginning of the earliest period presented.

The following unaudited pro forma condensed combined financial information presents (a) Transaction Accounting Adjustments to illustrate (i) the estimated effects of the Transactions described above, and (ii) the Financing, and (b) Autonomous Entity Adjustments to reflect the financial condition and results of operations of the Company as if it historically operated as a combined public company with the Fubo Business and the Hulu Live Business. The unaudited pro forma condensed combined financial information has been adjusted to give effect to the following:

Accounting Treatment of The Transactions

The Transactions will be accounted for as a reverse acquisition of Fubo using the acquisition method of accounting in accordance with U.S. GAAP, with HL treated as the accounting acquirer of Fubo. In identifying HL as the acquiring entity, management took into account the structure of the Transactions, including the relative voting rights and the corporate governance structure of the combined company as of the Closing, the composition of Fubo’s board of directors and designation of certain senior management positions. Accordingly, the historical combined carve-out financial statements of the Hulu Live Business will become the historical financial statements of Fubo following the Transactions.

The preliminary fair value of the purchase consideration, or the purchase price, as presented in the unaudited pro forma condensed combined financial information is estimated to be approximately $1.3 billion. The purchase consideration primarily consists of (i) approximately 343 million outstanding shares of Class A Common Stock and Fubo’s closing share price of $3.69 as of the Closing Date, and (ii) the estimated fair value attributable to the precombination service period for outstanding legacy Fubo equity-based awards. The fair value of the purchase consideration is preliminary and subject to additional customary adjustments under U.S. GAAP.

The combined company will measure Fubo’s assets acquired and liabilities assumed at their fair values, including net tangible and identifiable intangible assets acquired and liabilities assumed, as of the Closing. Any excess of the purchase price over those fair values will be recorded as goodwill.

Definite lived intangible assets will be amortized over their estimated useful lives. Intangible assets with indefinite useful lives and goodwill will not be amortized but will be tested for impairment at least annually.

The allocation of purchase price reflected in the unaudited pro forma condensed combined financial information is based on preliminary estimates using assumptions management believes are reasonable based on currently available information. The final purchase price and fair value assessment of assets and liabilities will be based in part on a detailed valuation that has not yet been finalized and could be materially different from the preliminary estimates used to prepare the accompanying unaudited pro forma condensed combined financial information. Any differences could have a material impact on the combined company’s future results of operations and financial position.

The unaudited pro forma condensed combined financial information reflects that, following the Closing Date, Fubo is the reporting entity, with the historical combined carve-out financial statements of the Hulu Live Business becoming the historical financial statements of Fubo. Fubo, as the sole managing member of Newco, will consolidate the operating results of the combined businesses of the Hulu Live Business and the Fubo Business. The Newco Units held directly by Hulu will be reported as a noncontrolling interest on the combined company’s financial statements, and are presented outside of permanent equity in the accompanying unaudited pro forma condensed combined balance sheet.

The Newco Operating Agreement provides, among other things, Hulu with a redemption right pursuant to which Hulu may cause Newco to redeem all or a portion of its Newco Units, together with an equivalent number of shares of Class B Common Stock, in exchange for an equivalent number of shares of Class A Common Stock or, at Fubo’s option, cash, subject to Fubo’s right to elect to effect, in lieu of such a redemption, a direct exchange between Fubo and Hulu of cash or an equivalent number of shares of Class A Common Stock for such Newco Units and accompanying Class B Common Stock (provided that, in each case, Hulu may retract the exercise of its redemption or exchange right upon notice that Fubo intends to settle such redemption or exchange in cash). Following the Closing, Fubo expects to account for the redeemable interests by remeasuring the Newco Units to the greater of the accreted redemption value (with a corresponding offset to additional paid-in capital (“APIC”)) or the amount otherwise determined after attribution of the subsidiary’s net income or loss pursuant to Accounting Standards Codification (“ASC”) 810, Consolidation and SEC guidance in ASC 480-10-S99.

The pro forma adjustments are based upon available information and certain assumptions that management believes are reasonable. Actual results and final valuations may differ materially from the assumptions within the accompanying unaudited pro forma condensed combined financial information. Assumptions and estimates underlying the unaudited pro forma adjustments set forth in the unaudited pro forma condensed combined financial information are described in the accompanying notes.

The unaudited pro forma condensed combined financial information is presented for illustrative purposes only and does not necessarily reflect the operating results or financial position that would have occurred if the Transactions and the Financing had been consummated on the dates indicated, nor are they necessarily indicative of the results of operations or financial condition that may be expected for any future period or date. Accordingly, such information should not be relied upon as an indicator of future performance, financial condition or liquidity.

The unaudited pro forma condensed combined financial information does not reflect any revenue enhancements, anticipated synergies, operating efficiencies, or cost savings that may be achieved related to the Transactions, nor do they reflect any costs or expenditures that may be required to achieve any possible synergies.

Tax Receivables Agreement

At the Closing, Fubo, Newco and Hulu entered into a Tax Receivables Agreement (the “TRA”) which, among other things, obligates Fubo to pay Hulu (a) a percentage of the benefit realized from the use of certain historic net operating loss carryforwards (“NOLs”) in an amount equal to the lesser of (i) 70% and (ii) Hulu’s ownership percentage of Newco as of the date the NOL is utilized, and (b) 70% of (i) the total tax benefit that Fubo realizes as a result of increases in tax basis in Newco’s assets resulting from future redemptions or exchanges of Newco Units for Class A Common Stock (or cash), and (ii) certain other tax benefits attributable to payments made under the TRA.

Due to the uncertainty in the amount or timing of future redemptions or exchanges of Newco Units, the unaudited pro forma condensed combined financial information assumes that no redemptions or exchanges of Newco Units have occurred and, therefore, no increases in tax basis in Newco’s assets or other tax benefits that may be realized as a result of future redemptions or exchanges of Newco Units have been assumed in the unaudited pro forma condensed combined financial information.

Based on objective evidence as described herein, the unaudited pro forma condensed combined balance sheet reflects an assumed estimated TRA liability of $38.5 million.

FuboTV Inc.

UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET

AS OF SEPTEMBER 27, 2025

(Amounts in thousands, except per share amounts)