Roku announced on Friday that it has acquired the Quibi content library, almost three months after the closure of the short video playback service.
The companies did not disclose the financial terms of the transaction.
Roku will make Quibi content available for free with ads for all Roku users starting this year. In addition to content that has already been streamed on Quibi, Roku has the rights to stream more than a dozen unauthorized programs of the company. Roku’s own streaming application offers a lot of free content to be streamed in advertising, a growing part of the company’s business outside of hardware sales.
Quibi failed to gain traction when it was launched early last year. The company, which closed in October, indicated a convergence of factors that led to its failure. Meanwhile, Roku has seen rapid growth amid the Covid-19 pandemic. The company said it doubled its household coverage in the fourth quarter of 2020.
Subscribe to CNBC on YouTube.