Fubo TV entered 2025 with a net income of $188 million in Q1—a figure flattered by a $220 million litigation settlement—masking underlying subscriber and revenue softness. The sports-first virtual MVPD lost 260,000 North American subscribers in the first quarter of the year, ending with 1.47 million domestic paid users. Despite beating its own high-end guidance by 10,000 net subscribers, Fubo’s year-on-year decline continues to accelerate, with Q2 guidance forecasting another 230,000 cancellations and a 14% annual drop in subs at the midpoint. The company now faces a make-or-break moment. A new live sports and broadcasting service is planned for launch in time for the Fall sports calendar, separate from Fubo’s recent Disney acquisition and merger with Hulu + Live TV,…