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Fox Buys Tubi for $440M, Sells Stake in Roku
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hollywoodreporter.comFox Corp. has acquired the streaming service Tubi TV for $440 million in cash, the company said Tuesday. At the same time, it has also sold its 5 percent stake in the streaming platform Roku, using the proceeds to help finance the acquisition.
The Tubi acquisition, which had been rumored for weeks, gives Fox a direct-to-consumer streaming platform that users spend 160 million hours per month watching, the company claims.
Tubi, which primarily streams non-exclusive licensed TV shows and movies, will operate as an independent subsidiary of Fox, with founder and CEO Farhad Massoudi continuing to lead the service.
In addition to the $440 million in cash, Fox may owe $50 million in deferred considerations and unvested options over a three-year.
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