Telecommunications and entertainment conglomerate Comcast is reportedly in “advanced” talks to acquire over-the-top streaming service company Xumo, according to The Wall Street Journal.
Xumo was started in 2011 as a joint venture between Viant Technology and Panasonic and delivers free streaming television content to customers.
In April, Xumo’s chief executive officer, Colin Petrie-Norris, told Business Insider that the company served 35 million U.S. homes at the time, reaching 27 percent of the market.
Although Petrie-Norris didn’t disclose information about company financials in his April 2019 interview with BI, he did say that Q1 2019’s revenue was up over 300 percent from the same time in 2018, while the number of hours of content streamed over the platform doubled over the same period.
If Comcast snaps up Xumo, it would continue a trend of big-company consolidation in the video streaming sector.