Roku In Talks To Acquire Rights To Quibi’s Library – Report

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Roku In Talks To Acquire Rights To Quibi’s Library – Report

Quibi’s vast library of short-form content may have found a new home.

 

 

According to the Wall Street Journal, Roku is nearing a deal to buy the content catalog of Quibi, the short-form mobile streaming platform launched by Jeffrey Katzenberg and Meg Whitman that launched in April 2020 before shuttering in December.

 

The WSJ reports that Roku would acquire the rights to Quibi’s content but the specific details and financial terms of the proposed deal haven’t been revealed and the deal could still fall through.

 

Katzenberg and Whitman’s $1.75 billion venture was set to change the way we consume content with series and films that were served in 10-minute bits or less. In January 2020, the pair shared the first look at the “turnstyle” content that featured projects with high-wattage Hollywood talent such as Guillermo del Toro, Steven Spielberg, Antoine Fuqua, Reese Witherspoon, Anna Kendrick, Liam Hemsworth, Sophie Turner, among others. The hype and buzz for the new platform continued at Sundance where they allowed the masses to experience the new app.

 

After launching, Quibi didn’t gain much traction and in October it was announced that they were shutting down. They officially shut down shop on December 1.

 

Under some of the deals at Quibi, producers partnered with Quibi to exhibit their shows on the platform for seven years. According to WSJ, there were some contracts that stated the content couldn’t be shared on other platforms. Roku’s contract terms wouldn’t prevent the company from airing the content.

 

 

Source: Roku In Talks To Acquire Rights To Quibi’s Library – Report

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Roku Confirms Quibi Deal, Taking Exclusive Global Rights To Dozens Of Shows

 

 

In its biggest original programming foray to date, Roku has bought exclusive global distribution rights to the portfolio of Quibi, the recently shuttered mobile-only streaming venture fronted by Jeffrey Katzenberg.

 

The acquisition covers most of the Quibi library, but some daily news shows are not part of the package. A key draw for Roku is the talent, a roster including Idris Elba, Kevin Hart, Liam Hemsworth, Anna Kendrick, Nicole Richie, Chrissy Teigen and Lena Waithe. The lineup includes titles like Most Dangerous Game, Dummy and Murder House Flip.

 

Financial terms were not disclosed.

 

In an interview with Deadline, Roku VP of Programming Rob Holmes told Deadline that the unusual rights flexibility offered by Quibi will stay in place, with rights reverting after seven years. “We preserved all of what was in the existing agreements,” Holmes said. “We’re excited about that. It’s great, high-quality, top talent and high-quality content.”

 

The programming will be available for free starting later this year. It will carry advertising, as it did on the $5-a-month Quibi service, and it will be housed on the Roku Channel. The hub for free and premium streaming channels, including 150-plus free live, linear offerings, has become a mainstay of the company’s strategy since Roku launched it in 2017. By the fourth quarter of 2020, it was being viewed by households representing an estimated 61.8 million people, the company said, double its reach at the end of 2019.

 

The deal puts a final punctuation mark on the Quibi experiment. Founded by Katzenberg and Meg Whitman with a remarkable $1.75 billion in startup capital, the mobile-focused streaming service had a noisy debut last April but never gained traction. Six months in, execs announced it would shut down by the end of the year. The coronavirus pandemic did not help the on-the-go premise of Quibi, whose name is short for “quick bites,” but its shows also drew generally mixed reviews, though #FreeRayshawn netted two Emmys.

“The most creative and imaginative minds in Hollywood created groundbreaking content for Quibi that exceeded our expectations,” said Quibi Founder Jeffrey Katzenberg. “We are thrilled that these stories, from the surreal to the sublime, have found a new home on The Roku Channel.”

 

Financial terms of the deal, whose negotiations surfaced last weekend, were not disclosed. In the transaction, Roku acquired Quibi Holdings, LLC, the company that holds all of Quibi’s content distribution rights. Quibi’s infrastructure and technology, such as its Turnstyle interface, are not part of the deal.

 

The user experience on Roku Channel, Holmes conceded, will be different from the Quibi experience. Unlike shorter bursts on a mobile phone, Roku will look for longer engagement in the living room.

“It’s the same availability of content, the same presentation of content,” Holmes said. “But as we spent a bunch of time with it, it really works, but they’re just TV episodes. I think their premise was, you have 10 minutes, you would watch it. Our view is, this is TV, someone’s going to spend half an hour or an hour or two hours watching it because it’s just that compelling.” He added, “You don’t usually see content like this for free in streaming.”

 

Holmes said more content acquisitions akin to the Quibi purchase are likely down the road as Roku continues to grow, though he declined to say what kinds of programming the company would pursue. Roku overall has been a spectacular growth story, rising from a maker of hardware boxes and dongles enabling viewers to stream to a tech heavyweight worth nearly $50 billion.

 

In the official deal announcement, Holmes described it as “a rare opportunity.” On the Roku Channel, he said, “We are consistently expanding the breadth and quality of our free, ad-supported content for our users.”

 

Reaching a young audience is another key driver of the deal. Quibi’s ambition was to attract a large audience of viewers aged 18 to 35.

“Quibi championed some of the most original ideas and inventive storytelling, and I’m so proud of what I was able to create for the platform,” said Veena Sud, creator, writer, director and executive producer of The Stranger. “I’m so excited to now be able to share this thriller with millions of streamers on The Roku Channel.”

 

LionTree served as the sole advisor to Quibi on the transaction.

 

 

Source: Roku Confirms Quibi Deal, Taking Exclusive Global Rights To Dozens Of Shows