Purchased by Lachlan Murdoch and Fox three years ago for $440 million, free ad-supported streaming service Tubi has quickly emerged as one of the entertainment company's most valuable assets ... and Fox wants you to know this.
Citing “people familiar with the overtures,” Bloomberg reported that Fox recently turned down a $2 billion offer to take Tubi off its hands.
These sources said that Murdoch wants to keep the FAST, which grew revenue by 25% in the quarter ending December 31 while bringing in more than $200 million.
Viewing time on the platform was up 41% year over year during the fiscal second quarter, and monthly users reached 61 million — up 10 million in 12 months.
“Revenue and engagement KPIs at Tubi have far exceeded our expectations and are consistently growing in the healthy double-digit range since we acquired it almost three years ago,” Murdoch said during last week’s earnings call. “The results at Tubi are proof that our strategy is working and we will continue investing in and growing this platform.” ■
