Tubi co-founder and CEO Farhad Massoudi is stepping down from the role as part of a broader restructuring of Fox Corporation’s digital businesses.
The restructuring will see Fox incorporate Tubi, Credible, Blockchain Creative Labs and other digital products under a new subsidiary called Tubi Media Group, which will be led by current Fox Chief Technology Officer Paul Cheesbrough. At the new division, Cheesbrough will be promoted to the role of CEO, where he will oversee development of Fox’s core digital offerings.
Fox acquired Tubi in 2020 for around $440 million, an investment that was quickly returned as the streaming service grew to become one of the most-dominant ad-supported video products in the United States and other countries.
“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 [ad-supported video on demand, or AVOD] in the US,” Lachlan Murdoch, the chairman and CEO of Fox Corporation, said in a statement.
“We have incredible momentum across our digital portfolio at Fox, and it’s a privilege to lead and oversee this next stage of growth,” Chessbrough said on Wednesday. “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.”
Tubi Media Group says it will announce a new CEO for the Tubi streaming service at a later date. Massoudi will continue to serve in a limited capacity during the transition period, Fox said.
“It has been an incredible three years since the acquisition of Tubi, leading to its great success within the Fox family,” Massoudi said. “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.”