The chief executive of sports-centric streaming television service Fubo TV was compensated more than $8.38 million last year, according to new documents filed with the Securities and Exchange Commission this week.
The compensation included a salary of $566,500 after a 3 percent cost of living increase, as well as a performance bonus of $539,779 tied to revenue and subscriber growth metrics, the proxy filing said. In February, Fubo TV revealed it earned more than $1 billion in global revenue last year and was serving more than 1.445 million subscribers.
Stock options awarded to Gandler totaled more than $7.26 million, pushing his overall compensation for the year to $8.383 million. He earned around 29 percent more in 2022 compared to the $6.484 million in compensation reported one year prior.
John Janedis, the company’s chief financial officer (CFO) hired in February 2022, earned $2.5 million last year, according to financial documents reviewed by The Desk. The compensation included a base salary of $387,652 plus a performance bonus of $207,866. The remainder of his compensation came from stock awards. Outgoing CFO Simone Nardi earned $397,914 in cash and severance; he later became the CFO of employment solutions firm Globalization Partners.
Related: Fubo to formally close chapter on sportsbook business in June
In June, Fubo TV shareholders will be asked to vote on re-approving Gandler and five others to the company’s board of directors. The stock owners will also be asked to approve the elimination of paragraphs in the company’s articles of incorporation related to its sports betting business, which was shuttered last October.
Fubo TV’s primary product is a streaming television service called Fubo, which offers access to live cable channels from the Walt Disney Company (ESPN), Fox Corporation (Fox Sports 1, Fox News), Warner Bros Discovery, Paramount Global (CBS Sports) and others. The service is heavily focused on live sports programming through its content partners, and also operates a standalone TV channel called the Fubo Sports Network.
While Fubo’s revenue and subscriber base increased during 2022, its stock price fell more than 89 percent over the calendar year. On January 3, one share of Fubo TV traded for $16.20, the highest price the company’s stock would see in 2022. By December 29, the share price had fallen to $1.74.
Since the start of the year, Fubo’s stock price has fallen 30 percent, with its peak price recorded at just over $3 per share in early February. On Friday, shares of Fubo TV closed at $1.16, up 1 percent compared to the previous day but down 4 percent for the week.
