Shares of fuboTV Inc. (FUBO) surged 11.50% in intraday trading on Tuesday, following the company's announcement of a significant change in its auditing firm. The sports-focused live TV streaming platform disclosed its decision to switch from KPMG LLP to PricewaterhouseCoopers LLP (PwC) as its independent registered public accounting firm, effective May 20, 2025.
The auditor change comes in response to potential independence issues related to a planned business combination involving fuboTV, The Walt Disney Company, and Hulu, LLC. This strategic move has sparked investor interest, as it hints at a possible major deal on the horizon that could reshape fuboTV's market position in the competitive streaming landscape.
While the company stated that there were no disagreements or reportable events with KPMG during the previous two fiscal years, the transition to PwC is seen as a proactive step to ensure compliance with SEC independence rules. The market's positive reaction suggests that investors are optimistic about the implications of this auditor change and the potential business combination it may facilitate. As trading continued, the NYSE reported a buy-side order imbalance of 559,549 shares, further indicating strong investor interest in fuboTV stock.
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