Fox Corporation has acquired Red Seat Ventures, a creator economy company that will operate within Fox’s Tubi Media Group as a standalone entity. 

The deal comes as Fox shifts its strategy toward digital media following years of focus on traditional broadcasting and cable operations since its $71 billion asset sale to Disney in 2019.

Strategic Expansion into Digital Media

The acquisition follows CEO Lachlan Murdoch’s recent announcement of plans to launch a direct-to-consumer streaming service, marking a significant pivot in Fox’s digital strategy. 

Red Seat Ventures, which operates as a Top 10 U.S. podcast network, generated over 200 million monthly active views in November 2024 through its portfolio of creator-led media businesses.

Paul Cheesbrough, CEO of Tubi Media Group, has been appointed Chairman of Red Seat Ventures, while founding partners Chris Balfe and Kevin Balfe continue to lead daily operations. 

The company specializes in developing cross-platform content spanning podcasts, video, subscription products, and live events, including the wholly owned CrimeCon property.

Podcasts played a crucial role in the 2024 U.S. presidential election, with candidates appearing on high-profile shows such as “The Joe Rogan Experience” and “Call Her Daddy.” 

A recent Voxtopica study revealed that 85% of registered voters expressed confidence in podcast content compared to other media formats, with consumption among them surpassing that of the general public.

Market Response and Growth Strategy

“The creator economy is one of the fastest growing media categories worldwide by measure of reach and influence,” Cheesbrough said in a news release. “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.”

Chris Balfe, CEO of Red Seat Ventures, emphasized the strategic alignment: “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. 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.”

The move addresses recent investor concerns about Fox’s traditional media assets. Forbes cites MoffettNathanson analysts, who downgraded Fox shares from buy to neutral in January, cited questions about the long-term value of the company’s linear assets as cable and broadcast viewership decline.

Forbes notes the deal positions Fox to expand its digital presence in sports, news, and entertainment while maintaining its traditional broadcasting strengths. 

This move into the creator economy complements Fox’s broader strategy to reach cord-cutters and cord-nevers through new digital initiatives, though Murdoch has indicated the company plans modest spending on its streaming initiatives with limited original content licensing.

New research from We Are Social finds that 91.9% of internet users now watch TV content via streaming services monthly, while traditional broadcast television reaches 87.8% of users. Streaming accounts for 43.3% of total TV viewing time globally, compared to 56.7% for traditional broadcast content.