Roku Plans to Take Over Frndly TV
Ah, hello there! Let's dive into the latest streaming world news. Roku, the beloved content-streaming platform, has just announced they're buying Frndly TV. This virtual multichannel video programming distributor (vMVPD) specializes in family-friendly content, offering live TV, on-demand videos, and cloud-based DVR, all for a reasonable price.
The deal, valued at about $185 million in cash, is expected to finalize in the second quarter, subject to typical closing conditions. But here's the kicker: Frndly TV could earn an additional $75 million if they hit specific performance goals and milestones in the next two years.
Denver-based Frndly TV offers more than 50 top-rated linear pay TV channels (you know, your faves like A&E, Hallmark Channel, History, and Lifetime) plus thousands of hours of on-demand content, starting as low as $6.99 per month. And subscribers can record their favorite shows with Frndly TV's unlimited cloud-based DVR to watch shows aired in the past 72 hours on live channels.
Anthony Wood, Roku's Founder and CEO, said, "Frndly TV's jaw-dropping growth and mastery over direct-to-consumer subscription services make it a killer addition to Roku. This acquisition aligns with our relentless focus on boosting platform revenue and Roku-billed subs while keeping our users hooked on live content at a mind-blowing price point."
Don't worry, Frndly TV's management team will stick around post-deal. Andi Karofsky, Frndly TV's CEO and Co-Founder, shared his excitement saying, "We're pumped to link up with Roku and keep our mission to dish out feel-good, quality entertainment as the most wallet-friendly live TV subscription streaming service in the U.S. Roku's pioneering role in streaming and its commitment to customers perfectly complements our strategic vision. We're confident this union will turbocharge subscription growth, given the overlap in core customer demographics and Roku's ace position in the connected TV ecosystem."
Frndly TV will keep offering its service on all current platforms, including Amazon Fire TV, Android TV, Apple TV, Samsung, Vizio, and mobile devices.
So there you have it! Grab your popcorn, folks, as we gear up for a fiercely competitive streaming landscape. Don't forget to tune in for the latest TV and tech news by signing up!
- Roku, a renowned content-streaming platform, recently announced its purchase of Frndly TV, a virtual multichannel video programming distributor.
- Frndly TV offers family-friendly content, including live TV, on-demand videos, and cloud-based DVR, at a reasonable price.
- The acquisition of Frndly TV by Roku is valued at approximately $185 million in cash, with an additional $75 million potential payout if specific performance goals are met.
- The deal is expected to close in the second quarter, subject to standard closing conditions.
- Both companies believe that this union will boost subscription growth, given the overlap in core customer demographics and Roku's strong presence in the connected TV technology ecosystem.
