TEGNA said Tuesday that it has made a strategic investment in the free streaming TV and movie network Tubi TV.
The deal gives TEGNA a larger stake in the over-the-top video market, and expands its Premion ad network, which is geared toward OTT content.
Tubi, which is free and ad-supported, has a library of more than 7,500 movies and TV shows that cycle each month. As part of the deal with TEGNA, Tubi will also distribute localized content from TEGNA’s local TV station, including news and other content. Tubi, in turn, will expand the relationship it has with the Premion network, which serves local and national ads to OTT networks.
Financial terms of the deal were not disclosed.
For TEGNA, which has a business heavy on local TV stations, the expansion into OTT serves as another way to monetize and digitize the local content it already produces. For Tubi, the deal provides cash infusion as well as content and access to a robust digital ad network that is already serving local and national ads.
TEGNA also said Tuesday that it recently made a strategic investment in Vizbee, a B2B mobile to TV continuity platform and data company. TEGNA expects to taken advantage of Vizbee’s advertising platform to expand opportunities for its clients.