By Evan DeSimone
Ad-supported movie streaming platform Tubi TV is getting a major cash infusion Hollywood. The streamers parent company, Adrise, has closed a $6 million Series B funding round lead by studios Lionsgate and Metro-Goldwyn-Mayer.
Lionsgate and MGM will join VC firm Cota Capital and existing investors Foundation Capital, Bobby Yazdani, Mark Amin, and Noosheen and Zod Nazem in pumping cash into Adrise and its streaming subsidiary.
While the cash will help Adrise to grow Tubi TV, that’s not all the startup is getting from its new studio patrons. Both Lionsgate and MGM have also locked in content licensing deals that will add a collection of recent hit films and Hollywood classics to Tubi TV’s catalog, including “Midnight Cowboy,” “Crash,” “Rain Man,” “The Hurt Locker,” “Pink Panther,” “Fargo” and “American Psycho.”
Following the investment, former Fox Television Entertainment Chairman and Phase 2 Media CEO Sandy Grushow will join Tubi TV’s board of directors to help steer the service toward greater profitability.
Originally launched as a video technology provider specializing in creating ad-supported video platforms for publishers, Adrise pivoted to operating its own streaming service in 2014 with the launch of Tubi TV. The service currently boasts a library of over 40,000 TV and film titles secured from more than 200 content partners.