Though many assume that Fox is no longer a company, as Disney purchased 20th Century Fox last year, Fox Corporation, along with its cable and regional sports networks, still exists. And it’s not affiliated with Disney at all. So, while the studio that made all the TV shows and films was purchased by Disney, that’s not stopping the independent Fox Corporation from moving ahead with business and expanding into the realm of streaming.
According to THR, Fox has decided to insert itself into the Streaming Wars by purchasing the ad-supporting streaming platform, Tubi, for $440 million cash. Before its acquisition by Fox, Tubi was best known as a streaming service that showed non-exclusive licensed films and TV series, such as films like “Annabelle” and “Teenage Mutant Ninja Turtles,” as well as TV series such as “Anger Management” and “Hell’s Kitchen.” The service doesn’t charge a subscription fee but instead makes its money off ad sales that are shown during the viewing experience.
Fox CEO Lachlan Murdoch said, “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. Importantly, coupled with the combined power of Fox’s existing networks, Tubi provides a substantial base from which we will drive long-term growth in the direct-to-consumer arena.”
The report claims that Tubi will continue to be a separate entity and not rebranded as some sort of Fox streaming service. Instead, the purchase allows for Fox-produced content to have a home on its own online platform versus licensing it out to other streamers. This is similar, but a much smaller scale, to what NBCUniversal is doing with Peacock and WarnerMedia is doing with HBO Max. However, the biggest difference is the way that Tubi is a free, ad-supported service.
The deal is expected to be finalized in June.
