Fox Corporation Announces Formation of Tubi Media Group

Paul Cheesbrough Set to Lead the New Business Unit as CEO

Farhad Massoudi to Step Down, New CEO of Tubi Streaming to be Announced

NEW YORK and LOS ANGELES, April 26, 2023 /PRNewswire/ -- Fox Corporation ("FOX" or the "Company") (Nasdaq: FOXA, FOX) today announced the formation of the Tubi Media Group under the leadership of newly appointed CEO, Paul Cheesbrough.

The new division will house FOX's standalone digital businesses - including Tubi, Credible and Blockchain Creative Labs - as well as the digital platforms and teams that underpin FOX's wider digital business in News, Sports and Entertainment. The creation of this division reflects the growing momentum of FOX's digital businesses and will provide the necessary strategy, leadership and focus to take them to the next level.

"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, Executive Chair and Chief Executive Officer, Fox Corporation.

"Building off this momentum, and complementing the strong growth being driven in our company wide digital revenues, now is the right time to bring these efforts together into a new business unit which will be tasked with spearheading our digital expansion and partnering with our brands to drive continued growth." 

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. 

"We have incredible momentum across our digital portfolio at FOX and it's a privilege to lead and oversee this next stage of growth," said Cheesbrough.  "With a strong foundation to build off, from Tubi's unrivaled 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."

Tubi Media Group will announce the new CEO for Tubi Streaming in the near future while Massoudi will remain through a transition period until the end of June.

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 and 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 TUBI MEDIA GROUP
The new business unit will have three lines of business that will focus on streaming, advertising and engineering services: Tubi Streaming will house our current AVOD business which has grown, under the leadership of Tubi CEO Farhad Massoudi, to become the #1 market leader in advertising-based streaming; AdRise will be a large scale video advertising network that incorporates all of FOX's video inventory (including Tubi, FOX Sports, FOX Entertainment, FOX News Media, FOX TV Stations and more); Fox Digital Platforms Group contains Blockchain Creative Labs, and Credible as well as the platform services that underpin FOX's news, sports and entertainment products and services.

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, including the impact of COVID-19 and other widespread health emergencies or pandemics and measures to contain their spread. More detailed information about these factors is contained in the documents the Company has filed with or furnished to the Securities and Exchange Commission (the "SEC"), including the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2022 filed with the SEC on August 12, 2022, 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.

SOURCE Fox Corporation