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Roku shares fall after Amazon and Best Buy smart TV partnership

Best Buy and Amazon are coming together to offer smart TVs with Fire TV built-in
Wall of TV display
The smart TVs will be available by this summer

Shares of Roku Inc (NASDAQ:ROKU) fell sharply in afternoon trading after Best Buy Co Inc (NYSE:BBY) and Inc (NASDAQ:AMZN) announced a deal on smart TVs.

The companies are partnering to offer new smart TVs with built-in Fire TV, Amazon’s streaming service offering videos, music, games, and Internet access.

READ: Amazon, Best Buy team up to sell smart TVs

“These Fire Edition smart TVs by Insignia and Toshiba deliver beautiful visuals and all the movies and TV shows you love, with an experience that gets better every day with Alexa. We could not have a better partner in this endeavor,” Amazon CEO Jeff Bezos said in a statement announcing the deal.

The partnership means that Best Buy’s brand Insignia will no longer use Roku’s operating system, according to a report by The Wall Street Journal.

Shares of Roku were down 6.5% in afternoon trading, while shares of Best Buy jumped 3.6% and Amazon gained almost 2%.

The smart TVs are expected to be available by the summer.

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