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

UV Angel ties up with Smile One Services, launches new dental products
UV Angel ties up with Smile One Services, launches new dental products
By Akshay Kedari

UV Angel, a company renowned in the field of pathogen control technology, has recently announced that it has partnered with Smile One Services, which is dental service organization (DSO)  based in Michigan. Reportedly, the partnership has been i...

LinkedIn Audience Network prefers IAS to offer native ad brand safety
LinkedIn Audience Network prefers IAS to offer native ad brand safety
By Akshay Kedari

Integral Ad Science (IAS), a renowned leader in digital ad verification, has recently announced its agreement with the LinkedIn Audience Network to offer brand safety to native ads on mobile, web, in-app and desktop. The integration tends to utilize ...

SaalexIT acquires Oregon-based Arctic MSP for an undisclosed amount
SaalexIT acquires Oregon-based Arctic MSP for an undisclosed amount
By Akshay Kedari

SaalexIT, a full-service IT company and a market-leading MSSP (Managed Security Service Provider), has reportedly announced its acquisition of Oregon-based Arctic MSP. It is to be noted that the financial terms are yet to be released. The acquisitio...

Virgin Orbit prepares for its first launch mission into the orbit
Virgin Orbit prepares for its first launch mission into the orbit
By Akshay Kedari

Virgin Orbit had recently announced that its LauncherOne air-launched vehicle shall be marking its first flight in the coming days. The company has, however, set modest expectations regarding the probability of success. The company has commented tha...

Cognosante inks acquisition of EIS to expand Federal market offerings
Cognosante inks acquisition of EIS to expand Federal market offerings
By Akshay Kedari

Cognosante, a business process and technology solutions provider, has reportedly announced the acquisition of Vienna-based Enterprise Information Services, LLC. The acquisition of EIS will serve as a growth strategy of the company for expanding its o...