Roku acquires Quibi’s library of content

Details: Specifically, the content from Quibi will help Roku attract a younger audience, which provides a lucrative advertising opportunity.

• All of Quibi’s content will live on Roku’s free, ad-supported channel. The Roku Channel is one of the most popular on Roku’s smart TV platform.
• Roku acquired Quibi Holdings, LLC, the company that holds all of Quibi’s content distribution rights following an internal restructuring.
• The deal is really just about acquiring content. No employees were acquired and financial deal terms were not disclosed.

What they’re saying: “The most creative and imaginative minds in Hollywood created groundbreaking content for Quibi that exceeded our expectations,” said Quibi founder Jeffrey Katzenberg.

• "We are thrilled that these stories, from the surreal to the sublime, have found a new home on The Roku Channel.”

The big picture: Quibi had struggled to hit its subscriber growth targets during the global pandemic.

• The app shut down just six months after launch. Its high-profile founders Meg Whitman and Jeffrey Katzenberg had touted it as a revolutionary new way to consume premium content on phones.

Go deeper: Quibi says it’s shutting down after six months