Comcast Corporation (CMCSA - Free Report) is in advanced discussions to acquire Xumo Inc, a free, ad-supported streaming service owned by Panasonic and Meredith , per a Wall Street Journal report. The financial details of a potential pact were unavailable.
Xumo offers a range of free live and on-demand channels on more than 30 platforms, including Roku devices and smart TVs from Panasonic, LG, Vizio, Sanyo, Hisense and others.
Notably, the company inked a partnership with Xumo in 2019 to add the latter’s app to Comcast Xfinity TV set-top boxes.
Portfolio Strength to Aid Subscriber Growth
Comcast’s acquisition of Xumo is in line with its focus on offering superior content. The move is expected to aid the company in acquiring new video subscribers and retain its existing ones.
Xumo has a U.S. distribution footprint of more than 35 million households, with 5.5 million monthly active users as of the spring of 2019, per a Variety report. The company offers 90 different channels including newly launched music channels, stand-up comedy, sports, news coverage among others that span nine different genres.