FOX CORPORATION ACQUIRES RED SEAT VENTURES

Rhea-AI Summary

Fox (FOXA, FOX) has announced the acquisition of Red Seat Ventures, a leading creator economy business. Red Seat Ventures will operate as a standalone entity within FOX's Tubi Media Group, with Paul Cheesbrough, CEO of Tubi Media Group, becoming Chairman of Red Seat Ventures.

The company's founding partners, Chris and Kevin Balfe, will continue to lead operations. Red Seat Ventures specializes in powering talent across various genres in building direct-to-consumer media businesses, including podcasts, video, subscription products, and live events like CrimeCon. Their portfolio includes 17 creator-led shows that generated over 200 million monthly active views in November 2024, positioning them as a Top 10 podcast network in the US.

Positive

• Acquisition expands FOX's presence in the fast-growing creator economy sector
• Red Seat Ventures brings 200 million monthly active views across 17 shows
• Maintains position as a Top 10 US podcast network
• Diversifies FOX's content portfolio across sports, news, and entertainment
• Retains experienced management team with proven track record

Negative

• Acquisition price not disclosed, making financial impact assessment difficult
• Integration risks with maintaining creator independence while achieving synergies

LOS ANGELES, Feb. 10, 2025 /PRNewswire/ -- Fox Corporation ("FOX" or the "Company") (Nasdaq: FOXA, FOX) today announced its acquisition of Red Seat Ventures, a leading business in the creator economy that powers talent across a range of genres as they build their direct-to-consumer media businesses. Red Seat Ventures will operate as a standalone entity within FOX's Tubi Media Group. Paul Cheesbrough, CEO of Tubi Media Group, assumes the role of Chairman, Red Seat Ventures.

The Red Seat Ventures executive team, led by founding partners Chris Balfe and Kevin Balfe, will continue to lead and operate the business.

"The creator economy is one of the fastest growing media categories worldwide by measure of reach and influence, and consumers are increasingly looking to get their information, insights and entertainment directly from the voices and brands they trust across these platforms," said Paul Cheesbrough, CEO, Tubi Media Group. "Working with two outstanding entrepreneurs like Chris and Kevin, we see tremendous opportunities to drive additional scale in genres such as sports, news and entertainment and look forward to supporting the continued growth of this business."

From podcasts to video, subscription products and live events, such as the wholly owned CrimeCon, Red Seat Ventures has an unmatched track record of successfully partnering with some of the biggest brands and personalities to operate and expand their cross-platform direct to consumer presence.

"From the beginning, Red Seat Ventures has had the opportunity to work with some of the most influential creators in the world to grow their new media businesses and develop their personal brands," said Chris Balfe, CEO, Red Seat Ventures. "In aligning with FOX, we will be able to build upon that investment and expand the services we provide to our creators, while continuing to maintain the independence and integrity of their brands, which is truly the best case scenario."

Across their 17 creator-led shows, Red Seat Ventures properties cumulatively drove over 200 million monthly active views in November 2024 and exists as a Top 10 podcast network in the US in terms of scale and reach.

About Fox Corporation
Fox Corporation produces and distributes compelling news, sports, and entertainment content through its primary iconic domestic brands, including FOX News Media, FOX Sports, FOX Entertainment, FOX Television Stations and Tubi Media Group. These brands hold cultural significance with consumers and commercial importance for distributors and advertisers. The breadth and depth of our footprint allows us to deliver content that engages and informs audiences, develop deeper consumer relationships, and create more compelling product offerings. FOX maintains an impressive track record of news, sports, and entertainment industry success that shapes our strategy to capitalize on existing strengths and invest in new initiatives. For more information about Fox Corporation, please visit www.FoxCorporation.com.

About Red Seat Ventures
Red Seat Ventures partners with the world's most influential talent and creators to build new media businesses and brands. Spanning news, opinion, entertainment, true crime, and sports, Red Seat's creators generate over 200 million monthly downloads and views. 

From concept to launch, Red Seat ideates, produces, and monetizes top-performing podcasts, videos, subscription platforms, and live events. Its podcast network ranks among the top 10 in the U.S. based on scale and reach.

Red Seat Ventures is led by founding partners Chris and Kevin Balfe. For more information please visit www.redseatventures.com

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "should," "likely," "anticipates," "expects," "intends," "plans," "projects," "believes," "estimates," "outlook" and similar expressions are used to identify these forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements in this press release due to changes in economic, business, competitive, technological, strategic and/or regulatory factors and other factors affecting the operation of the Company's businesses. More detailed information about these factors is contained in the documents the Company has filed with or furnished to the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.

Statements in this press release speak only as of the date they were made, and the Company undertakes no duty to update or release any revisions to any forward-looking statement made in this press release or to report any events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events or to conform such statements to actual results or changes in the Company's expectations, except as required by law.

 

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SOURCE Fox Corporation

FAQ

What is the strategic importance of FOX's acquisition of Red Seat Ventures?

The acquisition allows FOX to expand into the creator economy, one of the fastest-growing media categories, while gaining access to Red Seat Ventures' established network of content creators and their direct-to-consumer media businesses.

How many monthly active views does Red Seat Ventures generate for FOX?

Red Seat Ventures properties generated over 200 million monthly active views in November 2024 across their 17 creator-led shows.

Will Red Seat Ventures operate independently after FOX's acquisition?

Yes, Red Seat Ventures will operate as a standalone entity within FOX's Tubi Media Group, with founding partners Chris and Kevin Balfe continuing to lead operations.

What is Red Seat Ventures' market position in the US podcast industry?

Red Seat Ventures ranks among the top 10 podcast networks in the United States based on scale and reach.

What types of content does Red Seat Ventures produce for FOX?

Red Seat Ventures produces various content formats including podcasts, videos, subscription products, and live events like CrimeCon, spanning genres such as sports, news, entertainment, and true crime.