Fox Corporation Acquires Red Seat Ventures

Fox Corporation Acquires Red Seat Ventures Los Angeles, CA - February 10, 2025 - 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.

Press Contacts:

Brian Nick

310-369-3545

brian.nick@fox.com

Lauren Townsend

310-369-2729

lauren.townsend@fox.com

LINK:	https://www.foxcorporation.com/news/corp-press-releases/2025/fox-corpo...
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