In a major podcast and digital media deal that shakes up the landscape, Fox Corp. has acquired Red Seat Ventures.
Res Seat Ventures produces audio and video podcasts and other programming with talent that includes a slew of former Fox and cable news stars.
Among Red Seat’s clients are Megyn Kelly, whose show streams on YouTube and runs on SiriusXM, and Tucker Carlson, who was ousted by Fox two years ago. Another former Fox host, Bill O’Reilly, is also a client, as is Dr. Phil. Former CNN host Piers Morgan and former HLN host Nancy Grace are also clients of Red Seat.
Founded by Chris Balfe and his brother Kevin Balfe, Red Seat provides production, distribution, branding and sales services for creators, with a particular emphasis on right-leaning politics and true crime (former To Catch a Predator host Chris Hansen is also a client, and the company produces the annual CrimeCon conference). Chris and Kevin Balfe will continue to run Red Seat as an independent brand.
Red Seat Ventures is one of the most influential companies at the heart of the emerging news, talk and information creator economy. President Trump largely ignored the mainstream media in his last campaign, choosing to make appearances on podcasts and digital programs hosted by the likes of Joe Rogan and Theo Von. In a dramatically changing media landscape, these emerging programs have surged in popularity and influence, often at the expense of traditional or mainstream media.
President Trump, in his final rally before the election, invited Kelly to be one of the guest speakers, underscoring her resurgent influence.
“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,” said Chris Balfe in a statement. “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.”
The deal is likely to be a first volley among traditional media companies as they try to buy their way to influence and reach in a rapidly-changing media environment. As THR reported last week, essentially every news brand is holding talks with podcasters and digital creators, either for outright acquisition deals (as is the case with Red Seat) or content licensing deals. Kara Swisher and Scott Galloway are also in the market with their Pivot podcast, for example.
Notably, per The New York Times, which first reported the deal, Red Seat will be placed in Fox’s Tubi division, putting it at a remove from Fox News Channel. In other words, Kelly, Carlson and O’Reilly won’t be in business with their former employer, per se.
“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 Paul Cheesbrough, CEO of Tubi Media Group, in a statement. “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.”