Best Buy and Amazon Announce Partnership to Sell Smart TVs

While it was an exciting day for Amazon and Best Buy, after the companies announced that they are partnering to sell smart TVs, it wasn’t the case for Roku.

Roku shares tumbled on Wednesday on the news that Amazon and Best Buy would be working together to sell the televisions.

Roku has historically partnered with Insignia and now the Best Buy brand, along with Toshiba, will be powered by Alexa.

As part of the deal, Best Buy will become one of the only brick-and-mortar retailers where customers can walk
in and buy a TV that is powered by Amazon’s Fire TV software. Best Buy will also sell the tvs on its website.

Best Buy will also be a third-party seller on Amazon.com

Shares of Roku slipped over 8% on the news and are down 36 percent this year.

Disclaimer: We have no position in Amazon.com, Inc. (NASDAQ: AMZN), Best Buy Co Inc. (NYSE: BBY), nor Roku Inc. (NASDAQ: ROKU) and have not been compensated for this article.