ROKU BUYS QUIBI'S LIBRARY TO BOOST FREE STREAMING SERVICE

Streaming giant Roku Inc. is buying the rights to dozens of shows from Quibi Holdings LLC, the failed short-video startup founded by film mogul Jeffrey Katzenberg. Roku will offer more than 75 shows that Quibi created, with Hollywood studios and producers, on its Roku Channel, a free ad-supported streaming service. The news sent Roku shares up as much as 6.2 per cent to US$402.85 in New York trading Friday. Completing a transaction with Roku helps Katzenberg return a bit more of the US$1.75 billion that media giants, including Disney and WarnerMedia, invested in Quibi.