NEW YORK & LOS ANGELES – Fox Corporation (Nasdaq: FOXA, FOX) today announced that it has entered into a definitive agreement to acquire Tubi, a leader in the fast-growing free ad-supported streaming category, for approximately $440 million in net cash consideration at closing. 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.
Tubi will also seamlessly integrate with and deepen FOX's capabilities in key areas such as digital advertising, direct-to-consumer interfaces and personalization technology. Similarly, Tubi will be able to fully leverage FOX's advertising and distribution relationships, as well as its formidable national and local promotional platforms, to further augment the service's growth trajectory.
FOX plans to continue to run Tubi as an independent service anchored by its robust consumer offering of licensed entertainment content. FOX will evaluate opportunities to expand the Tubi offering not through original content, but rather in a cost-effective manner by leveraging our expertise in national and local news and sports programming.