Roku is buying Quibi’s TV shows and documentaries

Roku introduced Friday it has acquired Quibi’s library of content material, almost three months after the short-form video streaming service shut down.

The businesses didn’t disclose the monetary phrases of the deal. Roku shares jumped greater than 5% simply earlier than midday ET.

Roku will make the Quibi content material accessible at no cost with adverts to all Roku customers, beginning this 12 months. Along with the content material that already aired on Quibi, Roku has the rights to stream the corporate’s greater than a dozen unaired packages. Roku’s personal streaming app offers lots of free content material to stream supported by promoting, a rising a part of the corporate’s enterprise outdoors of {hardware} system gross sales.

Quibi failed to achieve traction when it launched early final 12 months. The corporate, which shut down in October, pointed to a convergence of factors that led to its failure. Roku, in the meantime, has skilled fast development amid the Covid-19 pandemic. The corporate mentioned it doubled family attain 12 months of 12 months in its fourth quarter of 2020.

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