Finance

Roku shares getting hit as Amazon cuts deal with Best Buy

Roku shares getting hit as Amazon cuts deal with Best Buy

First launching in the USA this summer, Best Buy will sell over ten 4K and HD Fire TV Edition models from Insignia and Toshiba, while these smart televisions "will be available for purchase in Canada later this year".

"Amazon and Best Buy have a long history of working together, and today we take our partnership to a new level", Amazon founder and CEO Jeff Bezos said in a statement, adding that Amazon "could not have a better partner". According to Best Buy, more than 10 such Fire TV Edition smart TVs will hit the market starting this summer. "These Fire Edition smart TVs by Insignia and Toshiba deliver lovely visuals and all the movies and TV shows you love, with an experience that gets better every day with Alexa".

Amazon has started to open its own physical stores throughout the country and bought grocer Whole Foods past year as well. It has since added other Amazon devices to its lineup including Fire tablets and TV sticks for streaming content. It's unclear if Best Buy will pay a standard commission as an Amazon merchant, or whether a different deal was negotiated. It can also be paired with any Echo device, allowing customers to easily use their voice to control their TV experience hands-free with Alexa, according to a press release. Roku shares fell 7% Wednesday as a result.

When Amazon acquired Whole Foods, industry analysts suggested several options for other retailers that Amazon could benefit from acquiring, and Best Buy has come up in that context a few times.

Best Buy has survived Amazon's pressure on retail outlets partly by building out its own online commerce efforts. Shares rose almost 4% Wednesday and are now up more than 10% this year. They will be available from Best Buy's retail stores and website, as well as sold by Best Buy through Amazon.

Translation: Yes, Best Buy has this splashy new deal with Amazon that makes it a preferred third-partys seller on Amazon's site.


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