Fox Corporation announced that it has entered into an agreement to acquire ad-supported OTT streaming service Tubi for approximately $440 million.
The acquisition of Tubi underscores FOX’s long-term strategic initiatives to broaden and enhance FOX’s direct-to-consumer digital reach and engagement.
Tubi brings to 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, which is currently available on more than 25 digital platforms in the United States, features over 20,000 titles and 56,000 hours of film and episodic television programming from over 250 content partners, including many of the major studios. The combination of Tubi’s reach, the resonance of its content and the quality of its technology platform have doubled the service’s usage and monetization over the last 12 months.
FOX plans to continue to run Tubi as an independent service anchored by its robust consumer offering of licensed entertainment content.
FOX said it will finance the Tubi acquisition principally with the net proceeds from the completed sale of its stake in Roku.
Lachlan Murdoch, Executive Chairman and CEO, Fox Corporation
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.
Farhad Massoudi, Founder and CEO, Tubi
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.
