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Comcast Corporation NASDAQ:CMCSA NASDAQ Common Stock
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Comcast Wraps Up Deal for Free-TV Service Xumo

26/02/2020 12:01am

Dow Jones News


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By Patience Haggin 

Comcast Corp. said Tuesday it had acquired streaming video company Xumo LLC, bolstering its offerings for free, ad-supported digital video

Xumo will complement Peacock, a streaming service that Comcast's NBCUniversal plans to launch in April. The Wall Street Journal reported late last year that Comcast and Xumo were in advanced talks regarding a combination.

Xumo will continue to operate as an independent business within Comcast's cable unit, the company said in a statement. Financial terms of the deal weren't disclosed.

Xumo is one of a handful of companies that offer free, ad-supported streaming video services for internet-connected TVs. Such companies have become attractive acquisition targets for legacy media companies looking to offer an alternative for consumers who don't want to pay for subscription streaming services.

Comcast is in advanced talks to purchase another such service, Vudu, from retailer Walmart Inc., while Fox Corp. has expressed interest in acquiring Tubi, in a deal that could be valued north of $500 million, the Journal reported last week. ViacomCBS Inc. acquired Pluto TV for $340 million in 2019.

Xumo has more than 11 million unique users, said a person familiar with the deal. Its leadership, including chief executive Colin Petrie-Norris, will stay on, the person said. Comcast hasn't set plans for how Xumo will sit alongside Peacock, the person said.

--Sahil Patel contributed to this article

Write to Patience Haggin at patience.haggin@wsj.com

 

(END) Dow Jones Newswires

February 25, 2020 18:46 ET (23:46 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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