Fox has just acquired the free streaming service Tubi, reportedly for $440 million in cash.
“Tubi will immediately expand our direct-to-consumer audience and capabilities and will provide our advertising partners with more opportunities to reach audiences at scale. Importantly, coupled with the combined power of FOX’s existing networks, Tubi provides a substantial base from which we will drive long-term growth in the direct-to-consumer arena,” said Executive Chairman and Chief Executive Officer of Fox Corporation, Lachlan Murdoch.
Tubi Founder and CEO Farhad Massoudi added: “Fox Corporation’s relationships with advertisers and distribution partners, combined with the company’s dominance in news and sports programming, will help Tubi continue to grow and differentiate itself in the high-growth ad-supported streaming marketplace. I am proud of what the team has already accomplished here at Tubi and we couldn’t be more excited about joining such a fast-moving, entrepreneurial company. We look forward to working together with FOX to accelerate Tubi’s leadership position in the market and bring new competencies to FOX.”
This news is following other acquisitions of ad-supported streaming services, beginning with the Viacom deal for Pluto TV and Comcast’s acquisition of XUMO last month.
Tubi recently reported that the company is growing faster than ever. At the end of 2019, Tubi had 25 million active users with 163 million hours watched—a 160% jump over 2018.
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