As the streaming wars heat up, Fox Corp has thrown their hat into the ring by purchasing the streaming service Tubi for a $440 million price tag. In doing so, it gave up its 5% stake in the streaming platform Roku.
According to Fox, it plans to "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." Tubi's founder and CEO Farhad Massoudi will continue to be the head of the service, which will act as an independent subsidiary of Fox.
Tubi specializes in streaming ad-free movies and television that are non-exclusive to other streaming services. Their backlog of content includes the 2014 Teenage Mutant Ninja Turtles film, Memento, Minority Report, The Adventures of Tintin, and One Punch Man, among others.
Tubi is not the only streaming service to be snapped up by another company. ViacomCBS plans to merge CBS All Access and Showtime into a new streaming service, Comcast brought the streaming service Xumo last month and, last year, Disney brought the majority stake in Hulu.
(Via The Hollywood Reporter.)