Comcast acquires free streaming service Xumo

Comcast announced that it has acquired Xumo, a free advertising-supported streaming service, from previous owners Panasonic and Meredith Corp.

"The talented team at Xumo has created a successful, growing, and best-in-class set of streaming capabilities," Comcast said in a statement. "We are excited for this team to join Comcast and look forward to supporting them as they continue to innovate and develop their offerings."

Financial terms of the acquisition weren't disclosed, though people familiar with the matter said Comcast paid more than $100 million for the company, which has 55 employees and about 10 million monthly active users through the company's preferred placement on smart TVs. The deal will be immaterial for Comcast, the people said.

Xumo, based in Irvine, California, offers free, live and on-demand streaming entertainment, news, sports and features over 190 different genre-grouped channels. Its partners include Roku and smart television brands like Panasonic, LG, Vizio, Samsung and Hisense. Comcast said the company will continue to operate as an independent business inside Comcast Cable.

The deal comes as Comcast is gearing up to launch its Peacock streaming service. That product, which will be free to Xfinity customers, will debut on April 15.

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