Fox Corp to acquire podcast network Red Seat Ventures as it pushes into creator economy
Fox Corp is set to acquire podcasting network Red Seat Ventures as it looks to expand its footprint in the creator economy.
Paul Cheesbrough
With the acquisition, details of which were not disclosed, Paul Cheesbrough, CEO of Fox’s Tubi Media Group, will become the chairman of Red Seat Ventures.
The Red Seat Ventures business will continue to be led by founding partners Chris Balfe and Kevin Balfe.
The company, which produces audio and video podcasts, currently has a stable of 17 shows. According to Fox, Red Seat Ventures is a top 10 podcast network in the US and drove more than 200 million monthly active users in November 2024.
“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 Cheesbrough.
“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.”
Balfe added: “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, which is truly the best-case scenario.”
In related news, Fox has promoted longtime executive John Nallen to president and chief operating officer.
Nallen, who was previously chief operating officer, has signed a long-term employment agreement that will keep him at Fox Corp until at least June 2028.
From 2013 to 2019, he was the senior executive VP and chief financial officer at 21st Century Fox. In that role, he led all aspects of 21st Century Fox’s financial matters, including capital markets, mergers and acquisitions. When Disney acquired 21st Century Fox in 2019, Nallen moved to Fox Corp.
Before 2013, he was the exec VP and chief financial officer at 21st Century Fox for over a decade.
In his new role he will continue to serve under Fox Corp executive chair and CEO Lachlan Murdoch.
“John has been instrumental in the continued evolution of Fox and a key partner to me for many years,” said Murdoch.
“We greatly value his ongoing impact and his strategic vision and are pleased that he will continue to help guide the strong operating momentum and profitability of Fox as president and COO.”
