Best Buy will sell 11 TV models powered by Amazon.
- Roku took a hit of more than 8% Wednesday after Best Buy announced it would opt for Amazon-powered TV's.
- The loss reverses Roku gains from earlier in the week fueled by ESPN+ and Steve Cohen's Point72 hedge fund.
- Follow Roku's stock price in real-time here.
Roku sank more than 8% Wednesday, reversing its gains from earlier in the week, after Best Buy announced a deal with Amazon that will drastically shrink Roku's presence in the chain's stores.
Starting this summer, Best Buy will sell 11 TV models powered by Amazon, including Toshiba and its in-house brand Insignia. It will also be the exclusive seller of those sets on Amazon.
Best Buy will still sell Roku-powered TV's by other brands.
Earlier this week, Steve Cohen's Point72 hedge fund bought 5% of Roku. The streaming company also agreed to carry ESPN"s new streaming channel, ESPN+. That news sent shares up as much as 14%.
Shares of Roku are down 37% since the beginning of 2018, while Best Buy is up 9%.