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Photo: Igor Golovniov/SOPA Images/LightRocket via Getty Images

Roku announced Friday that it is acquiring the rights to stream all of Quibi’s library of 75 original shows to its more than 50 million users.

Why it matters: The deal is part of a broader effort by Roku to offer free content that the platform believes will help attract and retain subscribers.

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

Go deeper

Felix Salmon, author of Capital
9 mins ago - Economy & Business

How to meme a painting

Illustration: Megan Robinson/Axios

How can a physical artwork become an NFT? One new company has just spent $12.9 million on a Banksy in an attempt to try out a new way of converting the real into the virtual.

Why it matters: The art market globally sees volume of about $60 billion per year, almost all of which is trade in physical objects. Art-world insiders including former Christie's c0-chair Loïc Gouzer are on the lookout for ways to monetize physical paintings without necessarily giving up physical ownership of them.

Republicans threaten to shut down government over vaccine mandates

Sen. Mike Lee (R-Utah) in the Capitol in November 2020. Photo: Joshua Roberts/Getty Images

Conservative Republicans in the House and Senate are planning to force a government shutdown Friday to deny funding needed to enforce the Biden administration's vaccine mandates on the private sector, according to Politico.

Why it matters: Congress has until the end of the week to pass a stopgap measure to extend funding into 2022, though objection from a small group of Republicans could shut down the government.

Electric car prices could go up before they come down

Illustration: Eniola Odetunde/Axios

The secret to affordable electric vehicles is cheaper batteries. But after years of falling prices, battery costs are now headed in the wrong direction.

Why it matters: Costlier batteries could drive up the price of electric vehicles — threatening the auto industry's transition away from fossil fuels, and, in turn, society's fight against climate change.