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IPO Watch: Netflix Spinoff Roku

Stocks in this article: NFLX

NEW YORK ( TheStreet) -- Netflix (NFLX) spinoff Roku, the company that makes devices that allow users to watch streaming movies on their TVs, may go public next year, according to reports.

Roku plans to raise $30 million in private funding this quarter, CEO Anthony Wood (also the creator of the DVR) told Bloomberg.

Roku makes devices that allow users to watch streaming content from Netflix, Amazon (AMZN) and Pandora straight on their TVs.

But the focus of the company going forward won't necessarily be on its Roku players, but on subscription content.

This is especially true as Netflix looks to other devices like game consoles from Sony (SNE), Nintendo and Microsoft (MSFT) to stream its content.

Wood did not reveal a date for an IPO to Bloomberg, and has yet to hire an investment banker to facilitate the deal.

Netflix recently sold its stake in the company to Menlo Ventures.

-- Reported by Jeanine Poggi in New York.

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