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Intangible Assets and Goodwill
 6 Months Ended
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Goodwill

Note 7 - Intangible Assets and Goodwill

 

Intangible Assets

 

The table below summarizes the Company’s intangible assets at June 30, 2021 and December 31, 2020 (in thousands):

 

           June 30, 2021 
   Useful Lives
(Years)		   Weighted Average Remaining Life (Years)   Intangible Assets   Accumulated Amortization   Net Balance 
Customer relationships   2    0.7   $23,678   $(14,799)  $8,879 
fuboTV tradename   9    7.7    38,197    (5,305)   32,892 
Software and technology   9    7.7    181,782    (25,250)   156,532 
Market access license   10    10.0    1,300    -    1,300 
Total            $244,957   $(45,354)  $199,603 

 

           December 31, 2020 
   Useful Lives
(Years)		   Weighted Average Remaining Life (Years)   Intangible Assets   Accumulated Amortization   Net Balance 
Customer relationships   2    1.5   $23,678   $(8,880)  $14,798 
fuboTV tradename   9    8.5    38,197    (3,183)   35,014 
Software and technology   9    8.5    181,782    (15,145)   166,637 
Total            $243,657   $(27,208)  $216,449 

 

The intangible assets are being amortized over their respective original useful lives, which range from two to ten years. The Company recorded amortization expense related to the above intangible assets of approximately $9.1 million and $14.3 million for the three months ended June 30, 2021 and 2020, respectively. The Company recorded amortization expense related to the above intangible assets of approximately $18.1 million and $19.5 million for the six months ended June 30, 2021 and 2020, respectively.

 

The estimated future amortization expense associated with intangible assets is as follows (in thousands):

 

   Future Amortization 
2021  $18,216 
2022   27,578 
2023   24,577 
2024   24,562 
2025   24,562 
Thereafter   80,108 
Total  $199,603 

 

Goodwill

 

The following table is a summary of the changes to goodwill for the six months ended June 30, 2021 (in thousands):

 

      
Balance - December 31, 2020  $478,406 
Vigtory acquisition   10,683 
Balance - June 30, 2021  $489,089 

 

As of December 31, 2020, goodwill includes an accumulated impairment charge of $148.1 million for the Facebank reporting unit which represented all of the goodwill of that reporting unit, for which all of the assets were written off.

 

 

fuboTV Inc.

Notes to the Condensed Consolidated Financial Statements
(Unaudited)