(Reuters) - Fox Corp (FOXA.O) said on Tuesday it would acquire video streaming firm Tubi for about $440 million in cash and will fund the deal with the net proceeds from the sale of its stake in Roku Inc (ROKU.O).
Tubi users spend over 160 million hours a month watching content on the free, ad-supported platform, the company said. The deal is expected to close before June 30.
Investment bank Morgan Stanley helped Fox sell 6 million Roku shares at $58 apiece on Tuesday, the Wall Street Journal reported here earlier.
Allen & Company was the financial adviser to Fox, and Jenner and Block, and Kirkland and Ellis LLP were its legal advisers.
Qatalyst Partners was the financial adviser to Tubi and Fenwick and West LLP its legal adviser.
Reporting by Munsif Vengattil in Bengaluru; Editing by Arun Koyyur