Fox Corporation said Monday it acquired Red Seat Ventures, a digital media company that has become a go-to partner for older media stars such as Megyn Kelly, Tucker Carlson and Piers Morgan.
Redsheet and its founding partners, brothers Chris and Kevin Balff, will continue to operate independently within Fox's Tubi Media Group, the arm of Rupert Murdoch's media empire, focusing on digital and streaming ventures. The purchase price has not been disclosed.
The acquisition will move Fox Corporation to the heart of the online “creator economy.” Media personalities, once relied on old-fashioned corporate distributors, such as the cable network owned by Fox, attacked their own to build podcasts. Streaming shows it will attract millions of subscribers on platforms such as YouTube and SiriusXM.
The long client list on the redsheet includes Dr. Phil, Nancy Grace, Bill O'Reilly, the former “Catch Predators” host Chris Hansen, and the “President's Daily Briefs” podcast. Last month, Murdoch owned New York Post held a red seat to develop the newspaper's new daily podcast and audio division.
The deal means that Carlson and O'Reilly (a former Fox News star who both lost the show) will once again be tied to Murdoch's universe, despite being ruled out. (The same goes for Kelly, who gained fame on Fox News before leaving for NBC in 2017.) Because the red seat is a service provider, the three of them are paid by Fox or report to executives. It won't do that. Additionally, Tubi Media and Fox News are housed in separate divisions of Fox Corporation.
Founded 10 years ago, the redsheet has around 80 full-time employees and is based in a nearby Manhattan area loft space that is popular with high-tech startups. Among the most popular podcasts are Carlson and Kelly podcasts. It is ranked routinely near the top of Apple's podcast charts.
The company offers a range of services including studios and production teams, advertising sales, marketing, branding and creative input, and plans to expand into sports and entertainment. Red Seat also owns and operates Crimecon, the annual convention for true crime lovers, and its sea cousin Cirmecruise.
Chief Executive Chris Valfe, 46, has begun working with right-wing radio and television host Glenn Beck. He led Beck's independent production company and helped launch TheBlaze, an early venture in the consumer media space. In a statement, Baruch said that joining Fox will allow his company to “continue to maintaining the independence and integrity of the brand while expanding the services we provide to creators. .
The agreement also could transport Red Seat Affiliated programming distributed to YouTube, Apple Podcasts and other third-party platforms on FOX-owned digital services. Existing Fox personalities may also use Red Seat resources to develop their own online brands. Fox Corporation declined to elaborate on any particular plans.
“We see great opportunities to further scale in genres such as sports, news and entertainment, and look forward to supporting this business's continued growth,” said Tubi Media's Chief Executive Officer Paul Cheesbrough, the person in charge, said in a statement.
