Fox Corp. has turned down unsolicited offers of more than $2 billion for its Tubi streaming service, over four times what the company paid for the business, according to people familiar with the overtures.
Lachlan Murdoch, who runs Fox, wants to keep the fast-growing business, said the people, who asked not to be identified discussing internal deliberations. Fox bought Tubi for $440 million in 2020.
While the streaming wars waged by Netflix, Disney+ and Amazon Prime grab the attention of media investors, it’s free online TV that’s pulling in the new viewers these days. Tubi, the ad-supported service that features everything from episodes of the Fox hit The Masked Singer to the gossip site TMZ’s latest take on Harry and Meghan, is now one of the fastest-growing pieces of the Murdoch family’s media empire.
