Fox Closes Purchase Of Tubi In Day Of Streaming Deals
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Fox Corp said Monday that it has completed the acquisition of Tubi, announced March 17 for $440 million.
The news comes the same day Comcast’s NBCUniversal announced the acquisition of streaming platform Vudu from Walmart by its Fandango movie ticketing division.
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Fox Corp. paid for Tubi with cash it raised from the sale of its minority stake in Roku, buying itself a foothold in the free, ad-supported, DTC arena. It said the deal was a strategic move to “broaden and enhance direct-to-consumer digital reach and engagement.” Until Tubi, Fox had largely sat out the streaming dance that’s beckoned other major entertainment names from Disney to AT&T/WarnerMedia to Comcast.
Fox CEO Lachlan Murdoch said last month that Tubi brings Fox a sizable, younger-skewing user base that spends over 160 million hours per month watching content on the service. Tubi is available on more than 25 digital platforms in the U.S. with some 20,000 titles and 56,000 hours of film and episodic television programming from several hundred content partners.
Fox plans to continue to run Tubi as an independent service. It will evaluate opportunities to expand it by leveraging its own national and local news and sports programming. Tubi founder and CEO Farhad Massoudi will continue to lead the service, which launched in 2014.
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