Lionel Bonaventure | AFP | Getty Pictures
Fox Company claimed on Tuesday it would acquire video clip streaming agency Tubi for about $440 million in cash and will fund the deal with the net proceeds from the sale of its stake in Roku.
Tubi end users spend around 160 million hours a month looking at content on the free, advertisement-supported system, the organization claimed. The offer is expected to close prior to June 30.
Investment decision financial institution Morgan Stanley helped Fox provide 6 million Roku shares at $58 apiece on Tuesday, the Wall Road Journal described previously.
Allen & Organization was the monetary adviser to Fox, and Jenner and Block, and Kirkland and Ellis LLP were being its legal advisers.
Qatalyst Partners was the monetary adviser to Tubi and Fenwick and West LLP its authorized adviser.