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March 18, 2020 01:25 am

Fox Buys Free Ad-Supported Streaming Service Tubi For $440 Million

Tubi, a leader in the fast-growing free ad-supported streaming category, is being purchased by Fox for about $440 million. It's paying for the acquisition using cash from the sale of a minority stake in Roku. Deadline reports: Tubi brings Fox an expanded consumer offering with a sizable, younger-skewing and directly connected 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 over 250 content partners. Fox plans to continue to run Tubi as an independent service and said it will evaluate opportunities to expand its offering -- not through original content but in a "more cost-effective manner by leveraging our expertise in national and local news and sports programming." Tubi founder and CEO Farhad Massoudi will continue to lead the service. "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 Fox CEO Lachlan Murdoch.

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