Fox Corp names Pete Distad as head of its new subscription streaming platform

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(Reuters) – Fox Corp on Thursday named former Apple TV+ executive Pete Distad as the CEO of its upcoming subscription streaming platform, which will take on the likes of Netflix and Disney+.

The Murdoch family-controlled company plans to launch the yet-to-be-named subscription-based streaming service by the end of 2025 to attract an audience outside its mainstay cable television business.

Distad worked for a decade at Apple, including at the tech giant’s streaming business, and was also part of Hulu’s launch team.

His most recent stint, however, was as the CEO of Venu sports, the sports-streaming venture by Walt Disney, Fox and Warner Bros Discovery that was called off earlier this year due to mounting legal hurdles.

The media industry is experiencing a seismic shift as millions of viewers shift from traditional cable television, where networks like Fox have a strong presence, to online streaming platforms.

The owner of Fox News has largely sat out the streaming race between legacy media and companies such as Netflix (NFLX.O).

Instead, it has focused on ad revenue from its Tubi streaming service, which has about 97 million monthly active users and a third of its viewers in the 18-34 age group coveted by advertisers.

Distad will report to Paul Cheesbrough, CEO of Tubi Media Group and assume oversight of all aspects of the upcoming streaming platform.

The new platform will package its existing sports, news and brands, Fox CEO Lachlan Murdoch had said at its second-quarter earnings call earlier this month.

(Reporting by Priyanka.G in Bengaluru; Editing by Tasim Zahid)