LGF - Why Roku Stock Stumbled on Wednesday
Shares of Roku (NASDAQ: ROKU) turned sharply lower Wednesday, falling as much as 5.5%. As of 12:44 p.m. ET, the stock was still down 1.5%.
While the uncertain market no doubt added fuel to its move, the catalyst that appeared to weigh most heavily on the stock were reports the streaming pioneer might be making a big move to feed its growing content ambitions.
Reports emerged late Tuesday that Roku and Apollo Global Management had joined forces to bid on a minority stake in Starz, the cable channel and streaming video service owned by Lions Gate Entertainment (NYSE: LGF-A) (NYSE: LGF-B) , according to Deadline .
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Why Roku Stock Stumbled on Wednesday