Fox Corp. announced on Tuesday that it will buy the free ad-supported streaming service Tubi for $440 million in cash. The New York-based media company said it will finance the acquisition by selling its 5 percent stake in Roku Inc. — "essentially exchanging a passively held minority investment for full ownership and control of a leadership position in the free ad-supported streaming market," according the announcement. Fox (NASDAQ: FOXA, FOX), which sold its entertainment assets to The Walt Disney Co. last year, will add Tubi to a portfolio consisting of the Fox broadcast network, Fox News and Fox Sports, as well as 28 owned-and-operated local Fox television stations. Read More...
Fox sells stake in Roku to acquire Tubi
Fox Corp. announced on Tuesday that it will buy the free ad-supported streaming service Tubi for $440 million in cash. The New York-based media company said it will finance the acquisition by selling its 5 percent stake in Roku Inc. — “essentially exchanging a passively held minority investment for full ownership and control of a leadership position in the free ad-supported streaming market,” according the announcement. Fox (NASDAQ: FOXA, FOX), which sold its entertainment assets to The Walt Disney Co. last year, will add Tubi to a portfolio consisting of the Fox broadcast network, Fox News and Fox Sports, as well as 28 owned-and-operated local Fox television stations.
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