Comcast Wraps Up Deal for Free-TV Service Xumo
February 25 2020 - 7:01PM
Dow Jones News
By Patience Haggin
Comcast Corp. said Tuesday it had acquired streaming video
company Xumo LLC, bolstering its offerings for free, ad-supported
digital video
Xumo will complement Peacock, a streaming service that Comcast's
NBCUniversal plans to launch in April. The Wall Street Journal
reported late last year that Comcast and Xumo were in advanced
talks regarding a combination.
Xumo will continue to operate as an independent business within
Comcast's cable unit, the company said in a statement. Financial
terms of the deal weren't disclosed.
Xumo is one of a handful of companies that offer free,
ad-supported streaming video services for internet-connected TVs.
Such companies have become attractive acquisition targets for
legacy media companies looking to offer an alternative for
consumers who don't want to pay for subscription streaming
services.
Comcast is in advanced talks to purchase another such service,
Vudu, from retailer Walmart Inc., while Fox Corp. has expressed
interest in acquiring Tubi, in a deal that could be valued north of
$500 million, the Journal reported last week. ViacomCBS Inc.
acquired Pluto TV for $340 million in 2019.
Xumo has more than 11 million unique users, said a person
familiar with the deal. Its leadership, including chief executive
Colin Petrie-Norris, will stay on, the person said. Comcast hasn't
set plans for how Xumo will sit alongside Peacock, the person
said.
--Sahil Patel contributed to this article
Write to Patience Haggin at patience.haggin@wsj.com
(END) Dow Jones Newswires
February 25, 2020 18:46 ET (23:46 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Fox (NASDAQ:FOX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Fox (NASDAQ:FOX)
Historical Stock Chart
From Apr 2023 to Apr 2024