LOS ANGELES (AP) — News Corp. is taking a stake in Internet video streaming set-top box maker Roku Inc. and putting its chief digital officer on Roku's board of directors as it seeks a greater role in distributing video over the Web.
The media giant's investment, along with that of its part-owned subsidiary British Sky Broadcasting, is part of a fifth round of funding for Roku of $45 million. It brings total funding in Roku to $77 million since it was founded in 2002.
The capital injection puts off the need for Roku to make an initial public offering of stock.
Roku has sold more than 3 million set-top devices as of the beginning of the year and it hopes to expand its platform onto Web-enabled TVs.