Fox Corp. on Tuesday said it has agreed to acquire San Francisco streaming business Tubi for $440 million in an effort to expand its audience and attract more advertising dollars. Tubi, a free, ad-supported streaming service, has more than 20,000 shows and movie titles from 250-plus content partners. “We look forward to working together with Fox to accelerate Tubi’s leadership position in the market and bring new competencies to Fox,” Massoudi said in a statement. Fox said that in addition to the $440 million, the deal also may provide $50 million in deferred consideration and unvested options over three years. By comparison, TV advertising is projected to drop 3% from $71 billion in 2020 to $68.89 billion 2023, EMarketer said.

Source: Los Angeles Times March 17, 2020 21:56 UTC