A view of atmosphere during the Tubi NewFront event on May 01, 2019 in New York City. (AFP/Eugene Gologursky)
Fox Corp. is in talks to buy the ad-supported streaming platform Tubi in a deal that could be worth some $500 million, the Wall Street Journal reported Friday.
Fox, the Murdoch-family controlled media group which owns the Fox News Channel and last year sold much of its film and television assets to Disney, has expressed interest in the streaming platform which airs mostly older movies and TV shows, the report said.
A tie-up could help expand the footprint of Fox, which also retained its broadcast television network in the deal with Disney.
Tubi, sometimes called the "free Netflix", claims to have some 25 million users and recently announced an expansion into Europe. It already operates in the US, Canada and Australia.
Tubi, which gets content from some 250 partners including Warner Bros., Paramount, and Lionsgate, aims to win users with a free model and "low ad level" of four to five minutes per hour, far less than most US cable operators.
A deal could give Fox and its channels more viewers at a time when many are cutting back on expensive cable packages and watching streaming TV on services such as Netflix and Hulu.
Media mogul Rupert Murdoch, 88, is the founder and chairman of Fox, with his son Lachlan holding the title of executive chairman and chief executive. The Murdochs also control News Corp, which publishes the Wall Street Journal.
The companies did not immediately comment on the report.
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