Roku, Inc (NASDAQ:ROKU) shares dropped Monday, on word the company is in advanced negotiations to acquire rights to the content library of Quibi, according to the Wall Street Journal.
Following an unsuccessful run, short-form streaming platform Quibi is in advanced talks to sell its content catalog to Roku, reports WSJ. Under the terms, Roku would acquire rights to Quibi’s library. Financial terms are not disclosed and the deal talks could still fall apart.
Quibi, founded by the movie mogul Jeffrey Katzenberg, was launched in April 2020 but never gained traction and said in October that it was shutting down.
The ad-supported app, the Roku Channel, offers movies and shows produced by other companies. A deal with Quibi would give Roku a roster of exclusive programming. Last month, HBO Max headed to Roku and WarnerMedia finally struck a deal after months of hard-fought negotiations.
Terms are not disclosed and the deal talks could still fall apart.
Quibi, founded by movie mogul Jeffrey Katzenberg, was launched in April 2020 but never gained traction and said in October that it was shutting down.
The ad-supported app, the Roku Channel, offers movies and shows produced by other companies. A deal with Quibi would give Roku a roster of exclusive programming.
Last month, HBO Max headed to Roku and WarnerMedia finally struck a deal after months of hard-fought negotiations.
ROKU shares lost $3.25, or 1%, to $328.77.
