Fox Corporation has formed Tubi Media Group under the leadership of newly appointed CEO, Paul Cheesbrough.
The new division will house Fox’s standalone digital businesses - including AVOD service Tubi, fintech firm Credible and web3 division Blockchain Creative Labs - as well as the digital platforms and teams from Fox’s wider digital business in news, sports and entertainment.
Tubi Founder and CEO Farhad Massoudi is stepping down as part of the restructure.
Fox said the creation of the division reflects the growing momentum of its digital businesses and will provide the necessary strategy, leadership and focus to take them to the next level.
Fox acquired Tubi for $440m in 2020. According to a Bloomberg report earlier this year, it recently turned down multiple offers of more than $2bn for the fast-growing service.
Cheesbrough, who served previously as CTO and President of Digital for Fox Corporation, where he oversaw the acquisition and management of Tubi, will continue to be based in Los Angeles and report to Lachlan Murdoch, Executive Chair and CEO of Fox Corporation.
Fox said Tubi Media Group will announce the new CEO for Tubi Streaming in the near future. Massoudi will remain through a transition period until the end of June.
“Our strategic acquisition of Tubi in 2020 established a cornerstone in our digital streaming strategy, which under Paul and Farhad’s leadership has driven record growth and is now the clear market leader in AVOD in the US,” said Lachlan Murdoch.
Cheesbrough said: “With a strong foundation to build off, from Tubi’s unrivalled growth in the AVOD space to our record setting 4K streaming operation for Super Bowl LVII, I’m looking forward to working with our talented team to drive this growth for FOX.
“I’d also like to take this opportunity to thank Farhad for his partnership over the past few years. He’s a true pioneer in the streaming space and saw the opportunity in AVOD long before others. The fact that we’re building this new business around Tubi’s brand and the momentum that the company has achieved is testament to everything that Farhad founded, built and delivered over the years.”
“It has been an incredible three years since the acquisition of Tubi, leading to its great success within the Fox family,” said Massoudi. “I am grateful to both Lachlan and Paul for their guidance, support, and partnership. I know that I am leaving Tubi in the best shape it has ever been, and its future is very bright.”