NBCUniversal’s Fandango movie-ticketing and video-rental business has agreed to buy streaming service Vudu from Walmart Inc., a deal that comes as media giants look to offer free or low-cost alternatives for consumers who don’t want to pay for streaming subscriptions.
Walmart WMT, -1.71% , which acquired Vudu in 2010 for more than $100 million, said Monday that it signed the agreement to sell the service to Fandango. Terms of the deal, which will close in coming months, weren’t disclosed.
The Wall Street Journal reported in February that NBCUniversal, a unit of Comcast Corp. CMCSA, -2.28% , was in advanced discussions to acquire Vudu, a service that allows consumers to buy or rent movies or shows.
The agreement comes less than a week after NBCUniversal’s heavily ad-supported streaming service Peacock started its rollout to Comcast cable and internet customers. Vudu’s ad-supported service will serve as a complement to Peacock, while its movie-rental business will support Fandango, which is said to have more than 30 million online and mobile monthly visitors, the Journal previously reported.
Originally Published on MarketWatch
