Fox sold their Roku shares to Morgan Stanley.
…to raise funds for Fox to purchase TubiTV.
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.1 The acquisition of Tubi underscores FOX’s long-term strategic initiatives to broaden and enhance FOX’s direct-to-consumer digital reach and engagement.
FOX will finance the Tubi acquisition principally with the net proceeds from the completed sale of its stake in Roku, Inc. (“Roku”). In doing so, FOX preserves its balance sheet capacity by essentially exchanging a passively held minority investment for full ownership and control of a leadership position in the free ad-supported streaming market.
On the sale of FOX’s ownership stake in Roku, Murdoch added: “We were an early investor in Roku and continue to admire the ongoing accomplishments of Anthony Wood and his team. We are pleased to expand our partnership with them as a result of the Tubi acquisition.”
https://www.prnewswire.com/news-releases/fox-corporation-to-…
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