Roku buys video-streaming app Quibi’s content library

Quibi

Video-streaming device manufacturer Roku Inc said on Friday it had acquired the international distribution rights to Quibi’s content catalog, almost three months after the short-form video streaming app has been shut down following an unsuccessful run.

Financial terms of the deal weren’t disclosed.

Roku, popularly known because of its apparatus used to stream services like Netflix and Amazon Prime Video, is pushing aggressively into content with its own app, Roku Channel, which provides films and shows produced by other businesses.

More than 75 shows and documentaries on Quibi is going to be available this year on Roku’s free, ad-supported channel.

The Quibi deal marks the organization’s entry into the crowded market of original content production.

Quibi, which announced its closure in October, featured original films and TV shows on its own platform, starring Liam Hemsworth, Sophie Turner along with Kristen Bell.

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Roku said that after an internal restructuring by Quibi, Roku acquired Quibi Holdings LLC, the company that holds all of Quibi’s content distribution rights.

Roku’s stocks rose 3% in early trading.

The team at Platform Executive hope you have enjoyed this news article. Initial reporting via our official content partners at Thomson Reuters. Reporting by Eva Mathews and Ayanti Bera in Bengaluru. Editing by Krishna Chandra Eluri and Maju Samuel.

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