- Roku Inc (NASDAQ: ROKU) has bought the rights to Quibi’s content for a price reported at under $100 million. These are the details.
Roku Inc (NASDAQ: ROKU) has bought the rights to Quibi’s content for a price reported at under $100 million. It was reported that Roku paid under $100 million to buy the rights to Quibi’s content until 2022.
Quibi — which was a short-form video service — had launched in April of last year. Quibi was reportedly gunning for over 7 million subscribers in the first year, but it hit about 500,000 subscribers according to several reports. So Quibi executives Jeffrey Katzenberg and Meg Whitman announced it was shutting down in October and a portion of the venture capital funding raised will be returned to investors.
Roku is known as the largest streaming media player in the US with over 40,000 movies and TV shows. By acquiring Quibi’s content, it will gain over 75 shows and documentaries.
Disclosure: I have a small ROKU position in my stock portfolio