Streaming service Tubi will be bought by Fox Corporation after raising a total of about $31m from investors including MGM and Lionsgate.

Media group Fox Corporation agreed yesterday to acquire US-based online streaming service Tubi for approximately $440m in a cash deal that will allow film studios Metro Goldwyn Mayer (MGM) and Lionsgate to exit. The transaction may eventually reach $490m when factoring in deferred considerations and unvested options, according to the Wall Street Journal. Formally incorporated…

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