Lionsgate, MGM License Movies to Tubi TV, Invest in Streaming Service's Parent Company
The content deal adds films like 'Midnight Cowboy,' 'Crash' and 'Rain Man' to the free, ad-supported service.
MGM and Lionsgate have opened their movie vaults to license hundreds of older titles to Tubi TV, including Midnight Cowboy, Crash, Rain Man and The Hurt Locker.
The content deal follows the studios making investments in Tubi TV parent Adrise, a San Francisco-based digital media firm. The total value of both investments is said to be in the single-digit millions, with MGM acquiring the bigger stake of the pair. The advertiser-supported online streaming service offers free movies and TV shows and signed an earlier licensing deal with Paramount Pictures.
"This agreement reflects our ongoing commitment to license our content across an expanding array of ad-supported digital platforms and serve next generation audiences around the world," Lionsgate president of worldwide TV and digital distribution Jim Packer said in a statement Thursday.
Tubi TV is led by Farhad Massoudi, founder and CEO. With the MGM and Lionsgate titles that also include Pink Panther, Fargo and American Psycho, the streamer's offering is currently at around 40,000 movies and TV shows.
"MGM’s investment and license agreements enable the studio to expand into OTT services, allowing consumers to find MGM films and series on multiple platforms," John Bryan, president of domestic TV distribution at MGM, added in his own statement.
Besides MGM and Lionsgate, Cota Capital also joins Tubi TV as an investor. Tubi TV is available for free on Web, iOS, Android, and connected devices including Roku, Amazon Fire TV, Xbox One, Xbox 360, Samsung, and most recently the new version of Apple TV.
Nov. 19, 12:45 p.m. Updated to indicate MGM making a bigger investment in Adrise than Lionsgate.