Why Comcast agreed to buy Xumo, an ad-supported free streaming service
Summary
Comcast announced Tuesday it has agreed to acquire Xumo, an advertising-supported free streaming service that comes pre-installed on smart televisions. Comcasts interest in Xumo stems from the companys partnerships with smart TV manufacturers such as LG, Panasonic and Vizio. Xumos leadership also impressed the company, according to people familiar with the matter, led by CEO Colin Petrie-Norris. Fox is also in talks to acquire Tubi for more than $500 million, The Wall Street Journal reported last week. Xumo was formed in 2011 as a joint venture by Panasonic and Viant Technology LLC, the owner of MySpace, which later sold to Time Inc. and was subsequently bought by Meredith Corp. Disclosure: Comcast owns NBCUniversal, the parent company of CNBC and CNBC.com.