WASHINGTON (dpa-AFX) - Fox Corporation (FOXA, FOX) Monday announced its acquisition of Red Seat Ventures.
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.'
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