Scott Galloway

It's a really savvy, bold move.

What's interesting is they actually sold their shares in Roku at 58 bucks a share to fund their acquisition of Tubi, and now they're buying back in at 160.

Fox will own roughly 73% of the combined company.

Yeah.

Yeah, so my understanding is that Fox actually, they had Roku shares in March of 2020, and they sold them at 58 bucks a share to fund their half a billion dollar Tubi acquisition.

So look, this is a company that's making a big bold bet, recognizing their core business is in structural decline.

I think the folks at Fox are really smart.

But here's the thing.

If you look at the trends, subscription streaming has been eating into linear advertising supported TV for the last 20 years.

In 2024, it stopped gaining share.

It's like 50-50 right now.

I mean, for example, I don't know if our listeners know this, they can watch Pivot or Prof G Markets on Roku.

It's available.

We have a channel on Roku.

Mm-hmm.

And it gets huge, huge viewership.

Their total revenue is around $4.7 billion.

We launched two months ago, but my attitude is if you look at enterprise value, and I'll try to be transparent about what we're trying to build at Profiteer Markets and what we're trying to build at Pivot.

The way you increase enterprise value and increase the multiple on your EBITDA is one, by right now adding subscription revenue, which we're doing on Substack, and two, having alternative distribution and differentiating your media mix or your revenue mix.

So what starts small, I think we'll do 100 or 300 grand in revenue from Roku or advertising on Roku by serving all of our odds on Roku.