Fox is making major changes to Tubi.
On Wednesday, the company announced it was reorganizing its digital efforts with a new business unit, Tubi Media Group, with Paul Cheesbrough set to lead the division as CEO.
In addition to the new digital strategy, Fox also announced that Tubi founder Farhad Massoudi is stepping down as CEO of the AVOD streamer.
“It has been an incredible three years since the acquisition of Tubi, leading to its great success within the Fox family,” Massoudi said in a statement. “I am grateful to both Lachlan [Murdoch] 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.”
The company’s new division will house Fox’s standalone digital businesses, including Tubi, Credible and Blockchain Creative Labs, as well as the platforms and teams in the company’s wider digital purview encompassing sports, news and entertainment.
“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,” Lachlan Murdoch, executive chair and CEO of Fox Corporation, said in a statement.
Murdoch added that the new business unit will build off the company’s digital momentum and “will be tasked with spearheading our digital expansion and partnering with our brands to drive continued growth.”
Cheesbrough, the new Tubi Media Group CEO, previously served as CTO and president of digital for Fox Corporation, overseeing the acquisition and management of Tubi. He will continue to report to Murdoch.
“We have incredible momentum across our digital portfolio at Fox, and it’s a privilege to lead and oversee this next stage of growth,” Cheesbrough said. “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.”
