Available on over 25 digital platforms in the USA and featuring 20,000 titles and 56,000 hours of film and television from 250 content partners - including major studios - will now be able to pull from Fox's stable of news and sports programming in addition to all that licensed television and film.
Tubi founder and CEO Farhad Massoudi will continue at the helm of the company, which will continue to run as an independent service.
Fox Corp., owner of Fox News and Fox Sports, is the NY company that emerged after Walt Disney Co. purchased the entertainment assets of 21st Century Fox for $71.3 billion past year.
"Tubi will immediately expand our direct-to-consumer audience and capabilities and will provide our advertising partners with more opportunities to reach audiences at scale".
In a market crowded with paid streaming services, consumers are hungry for free options, CEO Farhad Massoudi told the L.A. Times previous year. "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".
Fox says it will finance the Tubi purchase primarily from a sale of its stake in set-top-box/smart TV app Roku. "We are pleased to expand our partnership with them as a result of the Tubi acquisition", Murdoch said. Fox's takeover is subject to regulatory approvals and other conditions, but is expected to close before the end of June this year.
Some ad-supported streamers have been prime acquisition targets, including Irvine-based Xumo, which was acquired by Comcast last month for more than $100 million. Fox watchers can now expect to see a deluge of Tubi ads flood their appointment watching of Neil Cavuto and Fox and Friends. The company said it was basically exchanging a passive minority investment in Roku for full ownership and control of a leadership position in the free ad-supported streaming market. A release from Fox also indicated that the broadcaster will look to expand Tubi's content offering "not through original content, but rather in a cost-effective manner by leveraging [its] expertise in national and local news and sports programming". The service has more than 56,000 hours of library film and television programming, and most of its viewership is younger-skewing.