Roku Buying Frndly TV for $185 Million

<p class&equals;"ql-align-justify"><strong>SAN JOSE &&num;8212&semi; <&sol;strong>Roku&comma; Inc&period; has agreed to acquire Frndly TV&comma; a subscription streaming service that offers live TV&comma; on-demand video&comma; and cloud-based DVR for &dollar;185 million in cash&period;<&sol;p>&NewLine;<p class&equals;"ql-align-justify">Based in Denver&comma; CO&comma; Frndly TV was founded in 2019&period; It offers subscribers access to more than 50 top-rated live TV channels&comma; including A&amp&semi;E&comma; Hallmark Channel&comma; The History Channel&comma; Lifetime&comma; and more&comma; as well as thousands of hours of on-demand content&comma; starting at &dollar;6&period;99&sol;mo&period; Subscribers also can record their favorite shows using Frndly TV’s unlimited cloud-based DVR&comma; as well as access any show or movie that has aired in the past 72 hours on live channels&period;<&sol;p>&NewLine;<p class&equals;"ql-align-justify">&OpenCurlyDoubleQuote;Frndly TV’s impressive growth and expertise in direct-to-consumer subscription services make it a compelling addition to Roku&comma;” <strong>said Anthony Wood&comma; Founder and CEO of Roku&comma; Inc&period;<&sol;strong> &OpenCurlyDoubleQuote;This acquisition supports our focus on growing platform revenue and Roku-billed subscriptions&comma; with a live content offering our users love at an industry-leading price point&period;”<&sol;p>&NewLine;<p class&equals;"ql-align-justify">Frndly TV’s team&comma; including its executives&comma; will stay on after the transaction closes&period;<&sol;p>&NewLine;<p class&equals;"ql-align-justify">&OpenCurlyDoubleQuote;We’re incredibly excited to join Roku and continue our mission to provide customers feel-good&comma; quality entertainment as the most affordable live TV subscription streaming service in America&comma;” <strong>said Andy Karofsky&comma; Frndly TV CEO and Co-Founder&period;<&sol;strong> &OpenCurlyDoubleQuote;Roku’s pioneering role in streaming and its longstanding commitment to customers aligns perfectly with our strategic vision&period; We believe this combination will help us accelerate subscription growth&comma; given the alignment in core customer demographics and Roku’s leadership position in the connected TV ecosystem&period;”<&sol;p>&NewLine;<p class&equals;"ql-align-justify">In addition to Roku&comma; Frndly TV will continue to be available on all platforms and devices where it’s available today&comma; including Amazon Fire TV&comma; Android TV&comma; Google TV&comma; Apple TV&comma; Samsung&comma; Vizio&comma; the web &lpar;and via Chromecast&rpar;&comma; and mobile &lpar;Android&comma; iOS&rpar;&period;<&sol;p>&NewLine;<p class&equals;"ql-align-justify">The acquisition is expected to be completed in the second quarter&comma; pending customary closing conditions&period; The total purchase price is &dollar;185 million in cash&comma; which includes &dollar;75 million held back that is tied to meeting performance goals and milestones over the next two years&period;<&sol;p>&NewLine;