Fandango's not selling movie tickets as the coronavirus pandemic has forced many Americans to shelter in place. So, the Beverly Hills-based company is getting into the streaming world by acquiring Vudu, the video-on demand service owned by Walmart.
The deal allows Fandango to branch out beyond selling tickets to live events, and there has been wide speculation that movie theater chains, which serve as Fandango's main point of revenue, may be teetering toward bankruptcies since the box office has seized up.
Fandango did not release details about the transaction. The company could easily combine Vudu into its FandagoNow on-demand movie rental business that operates similar to Apple's iTunes. Walmart Inc. had hopes that Vudu would be a hit with its massive retail customer base. But as the streaming world becomes increasingly dominated by Netflix and other services, the Bentonville, Ark.-based company had been shopping Vudu around to potential buyers.
Vudu announced it was being acquired on its blog, calling its new owner "the ultimate digital network for all things movies & TV."
"While there will be many more exciting things to share in the months ahead, nothing about the Vudu experience is changing – your movie & TV library is safe, and you will continue to have access to all your Vudu apps across your favorite devices," the company wrote.
Financial details were not disclosed. The company declined to comment further.