Fox Corporation Acquires Tubi Streaming Service
According to Vital Thrills, Fox Corporation has acquired Tubi, a free ad-supported streaming platform, after entering into an agreement for approximately $440 million.
Tubi, currently available on more than 25 digital platforms in the U.S., features over 20,000 titles and 56,000 hours of film and television programming from over 250 content partners including major studios.
Executive Chairman and Chief Executive Officer of Fox Corporation, Lachlan Murdoch said: “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.”
“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,” added Tubi Founder and CEO Farhad Massoudi.
FOX will continue to run Tubi as an independent service anchored by its robust consumer offering of licensed entertainment content. FOX will evaluate expansion opportunities in cost-effective manners by leveraging expertise in national and local news and sports programming. The Tubi transaction is expected to close before June 30, 2020.