MGM, Lionsgate Take Equity Stakes in Streaming Service Tubi TV

SAN FRANCISCO/LOS ANGELES: Metro-Goldwyn-Mayer Studios (MGM) and Lionsgate have each made an equity investment in the ad-supported VOD service Tubi TV, along with providing access to hundreds of titles from their libraries.

The agreement spans hundreds of titles from the MGM and Lionsgate libraries, including Academy Award-winning films such as Midnight Cowboy, Crash, Rain Man and The Hurt Locker, and hits like Pink Panther, Fargo and American Psycho. The Lionsgate and MGM titles add to the 40,000 movies and TV shows Tubi TV has already acquired from more than 200 content producers (Tubi TV previously signed a licensing pact with Paramount Pictures).

"We're delighted to partner with Farhad and his team at Tubi TV as we continue to ensure that our content is being monetized across every platform, digital and linear, ad-supported and subscriber-based, domestically and internationally," said Lionsgate's president of worldwide television and digital distribution, Jim Packer. "This agreement reflects our ongoing commitment to license our content across an expanding array of ad-supported digital platforms and serve next-generation audiences around the world."

"MGM is thrilled to partner with Tubi TV, furthering the company's strategy to connect its library of premium content with the viewing habits of digital consumers across the U.S.," added John Bryan, the president of domestic television distribution at MGM. "MGM's investment and license agreements enable the studio to expand into OTT services, allowing consumers to find MGM films and series on multiple platforms."

Farhad Massoudi, the founder and CEO of Tubi TV, said: "We're excited to partner with Lionsgate and MGM and feature some of their most unforgettable movies. With this investment and partnership, Tubi TV is now the largest and best free streaming TV platform. Consumers want more streaming premium content without subscribing to yet another app or paying for another channel. Tubi TV's mission is to make premium content accessible to everyone, everywhere, without having to pay more. Tubi TV will always be free."

Additionally, Sandy Grushow, former chairman of Fox Television Entertainment Group and CEO of Phase 2 Media, has joined the Tubi TV board of directors.