Comcast acquires free streaming service Xumo

Comcast has acquired Xumo, a free, ad-supported streaming service with more than 190 channels.

The service has a complicated ownership history - it began in 2011 as a joint venture between Panasonic and Myspace parent company Viant, which was acquired by Time Inc. in 2016, and then Time Inc. was later acquired by Meredith.

The companies are not disclosing the financial terms of the deal, which The Wall Street Journal previously reported was in the works. Comcast says Xumo will operate as an independent business within the largest Comcast Cable unit.

"The talented team at XUMO has created a successful, growing, and best-in-class set of streaming capabilities," the company 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."

It's been just over a year since Viacom (now ViacomCBS) acquired another free, ad-supported streaming service, Pluto TV.

And in just a few months, Comcast-owned NBCUniversal will be launching Peacock. While the service will include paid subscription options, the company has emphasized the role that ads will play, with NBCUniversal Chairman Steve Burke arguing that there's an opening in the streaming landscape to focus "ad-supported, premium content."

Xumo last announced that it has 5.5 million monthly active users (in spring 2019).

NBCU's streaming service Peacock launches April 15 for Comcast subscribers, everyone else on July 15