MGM and Lionsgate movies including Midnight Cowboy, Crash, Rain Man, The Hurt Locker, Pink Panther, Fargo, and American Psycho are about to become available on Tubi TV after the studios made equity investments in the ad-supported streaming service’s parent, adRise.
MGM made a larger investment than Lionsgate, but this morning’s announcement doesn’t say how much the studios put in or how much they will own. It notes that former Fox Television Entertainment Group Chairman Sandy Grushow — who had been on Tubi TV’s advisory board — has joined the board of directors.
Cota Capital also has become an investor, joining lead investor Foundation Capital, Saba Software founder Bobby Yazdani, former Lionsgate Vice Chairman Mark Amin, and Noosheen and Zod Nazem. Tubi TV was launched last year by adRise founder and CEO Farhad Massoudi.
The new agreement illustrates that “our content is being monetized across every platform, digital and linear, ad-supported and subscriber-based, domestically and internationally,” Lionsgate President of Worldwide Television & Digital Distribution Jim Packer says.
MGM Domestic Television Distribution President John Bryan says that his company’s “investment and license agreements enable the studio to expand into [streaming] services, allowing consumers to find MGM films and series on multiple platforms.”
Tubi TV says that prior to the deals it had 40,000 movies and TV shows from more than 200 content producers. The service is available on the web, iOS and Android devices, and TV’s connected to Roku, Amazon Fire TV, Xbox One, Xbox 360, Samsung, and the latest version of Apple TV.
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