Comcast in Talks to Acquire Free Streaming Service Xumo (Report)

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Comcast chairman and CEO Brian Roberts

The advanced negotiations with the advertising-supported service come as Comcast's NBCUniversal is getting ready to launch streaming service Peacock in April.

Comcast is in advanced talks to acquire advertising-supported video streaming firm Xumo, the Wall Street Journal reported, citing people familiar with the situation.

Financial terms of the potential deal, which would come as Comcast's NBCUniversal is getting ready to launch streaming service Peacock, weren't immediately clear.

A Comcast representative declined to comment.

Similar to ViacomCBS' Pluto TV, which Viacom purchased for $340 million in January, Irvine, Calif.-based Xumo offers a free, ad-supported streaming service. Executives from Comcast, led by chairman and CEO Brian Roberts, have said that Peacock will offer a free tier with advertising in addition to subscription tiers.

Xumo, led by CEO Colin Petrie-Norris, was launched in 2011 as a joint venture between Panasonic and Viant. Meredith Corp. owns a stake in Xumo.

"Xumo is your destination for free live and on-demand streaming entertainment," the company says on its website. "With 90 different channels to choose from, you won’t get bored. Tune in for newly launched music channels, breaking news, epic fails, stand up comedy, sports, news coverage, and more. Xumo has an amazing lineup of channels that span nine genres, including: Live news from Cheddar who reports from the New York Stock Exchange each morning, the best in comedy from channels like FailArmy and JASH. Stream game highlights and analysis from Sports Illustrated and Copa90. Gather everyone around for family-friendly entertainment from PBS Digital Studios, Family Feud and American Idol. Travel the world with Condé Nast Traveler and Bon Appétit. Keep up with viral hits from JukinVideo and style trends from Vogue, Refinery29 and more."

Comcast has set a Jan. 16 investor event to unveil details of the Peacock service.

Updated with corrected details on Meredith Corp.’s Xumo stake.