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Fox Corp. To Buy Streaming Service Tubi For $440 Mln In Cash

Fox Corp. (FOXA,FOX) said it agreed to buy Tubi, Free Ad-Supported Streaming Service, for about $440 million in cash.

FOX said it plans to continue to run Tubi as an independent service anchored by its consumer offering of licensed entertainment content. Tubi Founder and CEO Farhad Massoudi will continue to head Tubi.

FOX, which expects to close the Tubi transaction before June 30, 2020, will finance the Tubi acquisition principally with the net proceeds from the completed sale of its stake in Roku Inc.

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.

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