Samsung has reportedly paid $30 million for Boxee, the streaming media player that has struggled to make a name for itself in the competitive home entertainment market, according to a report from the Israeli business site, The Marker. Samsung will reportedly continue to employ Boxee’s 40 employees.
Boxee, which previously raised $26.5 million, was hoping to raise another $30 million before deciding to seek a potential buyer after failing to make a foothold in the competitive Internet media streaming market.
Samsung, which is a leader in connected devices such as smart TV’s, will likely use the purchase to extend its reach with their current media ecosystem.
The Tel Aviv-based startup was among one of the first companies to offer a product with that streams movies and shows from Internet services directly to the TV, but has failed to make a foothold in the market as consumers graviated toward products like Roku and AppleTV.
