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Roku to File for IPO This Year (Report)

Variety logo Variety 7/13/2017 Janko Roettgers
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Streaming device maker Roku is getting ready to go public before the end of the year, according to a Wall Street Journal report. The company recently hired Morgan Stanley, Citigroup and Allen & Co. as underwriters for its public offering, the Journal reported Thursday afternoon.

The company didn’t immediately respond to a request for comment.

Roku could file confidentially in the next couple of weeks, a source told the paper. The company is reportedly looking for a valuation of $1 billion. Roku announced earlier this week that it now has 15 million monthly active accounts, and has thus far raised some $210 million in funding over several rounds.

Earlier this year, Fortune reported that Roku was looking to raise as much as $200 million in additional funding. Thursday’s report suggests that the company may now instead be looking to public markets for additional capital.

Roku is selling a number of streaming devices, and licensing its smart TV operating system to TCL and other TV manufacturers as well as pay TV operators. However, the company’s fastest-growing business is advertising as well as placement and promotion fees it charges its content partners for placement and promotion.

Earlier this year, Roku revealed that it had generated close to $400 million in revenue in 2016, with its media and licensing business bringing in more than $100 million.

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