News Corp, Hearst back Roku for $60m

Roku has raised $60 million in new funding from Hearst Corporation, News Corp and Sky as well as institutional investor Fidelity.

The company said that the new investment will help Roku expand its streaming services. Roku said it has now raised $140 million to date.

Roku competes with Apple TV and is working with US cable operators such as Time Warner Cable to let users stream their cable TV through its box. The company, which was founded in 2008 to stream Netflix videos, has sold more than 5 million boxes in the United States allowing customers to watch video over the Internet on their TVs and access streaming services such as Amazon, Hulu and HBO Go.

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