Fox Corporation, owned by Rupert Murdoch, has entered into an agreement to purchase ad-supported OTT platform Tubi. The deal will be mostly funded with the proceeds of the sale of Fox’s 5% stake in Roku.

Fox Corp.’s move comes one year after the completion of the sale of 20th Century Fox studios and Fox channels network to Disney (Fox Corp. has retained Fox, Fox News and Fox Sports channels in the United States).

The amount of the transaction will be USD 440 million, plus USD 50 million in additional payments in the form of deferred consideration. Fox expects to close the deal by the end of June 2020.

Tubi offer consists in over 20 thousand titles, including TV shows and movies. According to the company, the free platform has a base of 25 million active viewers per month. It is currently available in the United States, Canada and Australia, and it is to launch in the United Kingdom and Mexico in the coming months.