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     aeresearch.net

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

Google Fi confirms data breach, leaking millions of customer’s data

Google Fi confirms data breach, leaking millions of customer’s data

By Akshay Kedari

Google Fi, Google's cell network operator, has reportedly revealed a data breach, which is most likely related to the T-recent Mobile's security disaster, which allowed hackers to leak millions of customers' personal information. The p...

European semiconductor giant ASML forecasts a sales surge for 2023

European semiconductor giant ASML forecasts a sales surge for 2023

By Akshay Kedari

Dutch semiconductor company ASML has reportedly forecast a revenue jump for the year 2023 as the global semiconductor industry anticipates a reacceleration of growth during the second half of this year. According to the firm, its net sales  f...

Interfor Corporation acquires 100% equity interest in Chaleur Forest Products

Interfor Corporation acquires 100% equity interest in Chaleur Forest Products

By Akshay Kedari

Following this funding, Interfor's long-term debt will hold a weighted average interest of 5.30% Interfor registered a Net Debt to the Invested Capital ratio of nearly 10% as of October 31, 2022 Interfor Corporation, one of the world...

ESR's ARA and Export-Import Bank of China partner in a deal worth US$1B

ESR's ARA and Export-Import Bank of China partner in a deal worth US$1B

By Akshay Kedari

Leading real estate services and investment company, ESR Group Limited, has recently announced that its exclusively-owned subsidiary, ARA and the Export-Import Bank of China have inked a breakthrough collaboration in a deal worth USD 1 billion infras...

Circularise nabs $11M to bring circular economy to industrial supply chains

Circularise nabs $11M to bring circular economy to industrial supply chains

By Akshay Kedari

Leading software platform, Circularise recently announced that it has raised $11.3 million (€11 million) in funding as part of its Series A round in a bid to advance its mission to bring a circular economy to industrial supply chains. The fun...