Fox Corp. acquires free-streaming platform Tubi for $440 Million
By Akshay Kedari  Date: 2020-03-18

Fox Corp. acquires free-streaming platform Tubi for $440 Million

American media company, Fox Corp. has recently inked an acquisition deal with free streaming service, Tubi for $440 million. The funding was mainly supported by Fox’s sale of its 5% share in Roku. With the addition of Tubi, Fox would have the opportunity to expand its pipeline and allow it to tap into the internet-video market by offering a dedicated streaming component to its network.

Currently, Tubi airs more than 20,000 free movies and older TV shows from 250 content partners which include Paramount, Lionsgate, Warner Bros., and NBCUniversal, and has amassed almost 25 million active monthly viewers over the years. The company also had nearly 229 employees in the year 2019, 78% more than the previous year.

According to Fox, the Tubi deal could reach an end by June 2020, however, it could hit obstacles in the form of regulatory approvals and different other closing conditions. Meanwhile, the Tubi agreement includes additional payments of $50 million in the form of unvested options and deferred consideration over the coming three years.

Reportedly, Fox is planning to keep Tubi as an independent platform that would be led by Farhad Massoudi, Tubi’s Founder and CEO.

Meanwhile, Lachlan Murdoch, Executive Chairman and CEO, Fox Corp., said that Tubi would play a vital role in expanding its capabilities and direct-to-consumer audience while offering its advertising partners with promising opportunities to capture global audiences at scale.

Moreover, along with Fox’s existing network and expertise, Tubi would be able to offer a substantial base for long-term growth in the direct-to-consumer spectrum.

Massoudi added that Fox Corporation’s deep ties with distribution partners and advertisers, integrated with its dominance over sports and news fields, would allow Tubi to continue its promising growth and would help it to reach the leagues of high-growth ad-supported streaming platforms.

Source Credit: https://variety.com/2020/digital/news/fox-corp-tubi-acquires-440-million-sells-roku-1203537320/

About Author

Akshay Kedari    

Akshay Kedari

A qualified computer engineering graduate, Akshay Kedari takes pride in having his way with words. Following his passion for content creation, he writes insightful pieces on aeresearch.net and a few other portals. Also endorsed with a short-term experience in web deve...

Read More

More News By Akshay Kedari

Rivian secures USD 2.65 billion months before its first vehicle launch
Rivian secures USD 2.65 billion months before its first vehicle launch
By Akshay Kedari

Electric vehicle startup, Rivian, backed by Ford Motor Co. and Amazon.com Inc., has reportedly announced an investment round of USD 2.65 billion led by T. Rowe Price, months before its first vehicle launch. Sources with knowledge of the matter state...

BMW drivers can now unlock and start cars without using their iPhone
BMW drivers can now unlock and start cars without using their iPhone
By Akshay Kedari

German multinational automobile manufacturer, Bayerische Motoren Werke AG, commonly known as BMW, has reportedly unveiled an upgraded version of its mobile car key technology, called the Digital Key Plus. This product enables iPhone users to unlock t...

FMCG firms resort to marginal hike to cope with raw material inflation
FMCG firms resort to marginal hike to cope with raw material inflation
By Akshay Kedari

The recent inflation in raw materials has reportedly prompted players in the FMCG sector to take price hike measures for their products, in a bid to maintain the revenues. According to reliable sources, some FMCG companies, including Marico, have al...

boAt raises USD 100 million in funding from Warburg Pincus
boAt raises USD 100 million in funding from Warburg Pincus
By Akshay Kedari

Indian consumer electronics brand, boAt, has reportedly secured funding of USD 100 million from Warburg Pincus, a New-York-based private equity firm, at a USD 300 million valuation. The company will utilize these funds to expand its product portfoli...

Elevar Therapeutics and Inceptua partner to commercialize Apealea®
Elevar Therapeutics and Inceptua partner to commercialize Apealea®
By Akshay Kedari

According to reliable sources, U.S.-based fully integrated biopharmaceutical company, Elevar Therapeutics Inc., has signed an exclusive agreement with Inceptua Group for the commercialization and distribution of its non-cremophor based paclitaxel tre...