Shares of Roku tumbled 7% on Friday after the streaming video company told custo...
), which is broadcasting the National Football League championship game between the San Francisco 49ers and Kansas City Chiefs, fell about 1%.
The removal of Fox from its platform is related to the Jan. 31 expiration of an agreement between the two companies. “Roku’s tactics are a poorly timed negotiating ploy, fabricating a crisis with no thought for the alarm it generated among its own customers,” Fox said in a statement sent to Reuters.Carriage disputes between networks and cable providers in the past have led to viewers losing the ability to watch channels. Last July, millions of DirecTV subscribers temporarily lost access to CBS programming in over a dozen cities.
While viewership has declined in recent years, the Super Bowl remains the single most watched U.S. event of the year, making it a potentially high-value pawn in contract negotiations. Riding a wave of investor enthusiasm over the consumer shift from cable television to streaming, Roku’s stock has surged almost 800% since its initial public offering in 2017. Friday’s sell-off reduces Roku’s 12-month return to 172% and leaves it at a level last seen in November.Our Standards:
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Roku stock falls after report says it's losing Fox apps ahead of the Super BowlShares of Roku Inc. are off 4% in Friday morning trading after a Verge report discussed a carriage dispute between Fox Sports and the streaming company, which could mean Roku would pull Fox apps off its platform just before the Super Bowl. The Verge report quotes a statement from Roku saying that the company "offered Fox an extension" but would be "forced to remove the channels" if the companies don't strike an agreement. The stories also quotes a statement from Fox saying that Roku's response is a "poorly timed negotiating ploy, fabricating a crisis with no thought for the alarm it generated among its own customers." Roku didn't immediately respond to MarketWatch's request for comment. Shares of Sinclair Broadcast Group Inc. , which purchased Fox Sports from Walt Disney Co. last year, are down 2%.
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