Fox agrees to acquire ad-supported streaming service Tubi for $440 million

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March 18, 2020, 11:20 AM UTC

The American broadcasting television network would sell its stake in Roku, a California-based streaming platform.

This piece states Fox Corporation will acquire Tubi streaming service for around $440 million cash. The acquisition would give Fox a leg up in the ad-supported video-on-demand space and help the corporation serve audiences that have moved away from linear television.

The article states that Tubi would continue to be headed by CEO Farhad Massoudi and would continue as a stand-alone service. Fox further announced that the acquisition is being financed through the proceeds of its stake in Roku.

The deal is expected to close before June 30. Fox executive chairman and CEO Lachlan Murdoch said the acquisition would “immediately expand our direct-to-consumer audience and capabilities”, and help them provide advertisers better reach.

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