- Roku announced Friday it has acquired Quibi's library of content, nearly three months after the short-form video streaming service shut down.
- The companies did not disclose the financial terms of the deal.
- Roku will make the Quibi content available for free on an ad-supported basis to all Roku users, starting this year.
The companies did not disclose the financial terms of the deal. Roku shares jumped more than 5% just before noon ET.
Roku will make the Quibi content available for free with ads to all Roku users, starting this year. In addition to the content that already aired on Quibi, Roku has the rights to stream the company's more than a dozen unaired programs. Roku's own streaming app provides a lot of free content to stream supported by advertising, a growing part of the company's business outside of hardware device sales.
Quibi failed to gain traction when it launched early last year. The company, which shut down in October, pointed to a convergence of factors that led to its failure. Roku, meanwhile, has experienced rapid growth amid the Covid-19 pandemic. The company said it doubled household reach year of year in its fourth quarter of 2020.