Tegna said it will broaden its OTT local/regional-focused ad network through a “strategic” investment in Tubi TV, the company behind a free, ad-supported streaming service that features more than 7,500 movies and TV series.
Tegna is not disclosing the amount of the investment, but said the relationship will enable it to help marketers access more local advertising opportunities in long-form OTT content. Of note, Premion, Tegna’s ad network for OTT content, will expand its existing relationship with Tubi TV, the companies said.
RELATED: Tegna Seeks OTT Ad-Vantage
Under the deal, Tubi TV will distribute Tegna’s local content across its platform, offering viewers localized news and other digital content from Tegna stations.
Launched in 2014, Tubi TV is currently supports on a range of devices and platforms, including iOS and Android smartphones and tablets, web browsers, Roku players and Roku TVs, Apple TV, Amazon Fire TV, Xbox One and Xbox 360 consoles, the PlayStation 3 and PS4, Chromecast streaming adapters, and TiVo boxes, as well as smart TVs from Samsung and Sony.
Tubi has raised at least $35 million so far, and counts Lionsgate, MGM and Stanford University among its backers.
“Tubi TV strongly aligns with TEGNA’s focus on OTT content and innovative advertising solutions,”Dave Lougee, president and CEO of Tegna, said in a statement. “Through this transaction, we continue to fuel Premion’s growth trajectory and will enhance their ability to deliver unique and high-performing ads in a way no one else can.”
Tegna noted that it recently made an equity investment in Vizbee, a data/platform company focused on mobile-to-TV.