This is Fox’s long-term strategic initiatives to broaden and enhance Fox’s direct-to-consumer digital reach and engagement. Fox will now finance the Tubi acquisition principally with the net proceeds from the completed sale of its stake in Roku.
As per experts, Tubi will bring 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 is currently available on more than 25 digital platforms in the United States, and 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.
Tubi founder, CEO Farhad Massoudi, commented: “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.”