Fox Corp CEO discusses new streaming service led by former Apple TV+ executive

Investing.com -- Fox Corp (NASDAQ: FOX; FOXA) CEO Lachlan Murdoch recently discussed the company's plans for a new streaming service during the Morgan Stanley Technology, Media, & Telecom Conference. The upcoming service will be led by Pete Distad, a former executive of Apple TV+ (NASDAQ: AAPL).

Murdoch addressed the changing landscape of television consumption, noting that an increasing number of viewers are opting out of traditional cable bundles. He stated that Fox aims to reach these viewers, often referred to as "cord cutters", through both traditional cable and direct-to-consumer services. The company's ambition is to make Fox News, Fox Sports, and their entertainment network accessible to as many people as possible, regardless of how they choose to engage with the content.

The new streaming service, Murdoch stated, is a part of this vision. The company plans to leverage the technology they have developed for their venue platform, which has been specifically designed to cater to viewers outside of the traditional cable bundle. This technology, according to Murdoch, allows the company to distribute their existing content without incurring additional programming costs.

Distad, the newly appointed CEO of the streaming venture, will focus on attracting new subscribers who are outside of the traditional cable bundle. Murdoch expressed an aspiration for the new service to reach mid single-digit millions of subscribers.

The company is making efforts to launch the new streaming service in time for the upcoming fall football season. Murdoch also mentioned the success of Fox Nation, a streaming platform associated with Fox News Channel, which has garnered between 2 million and 2.5 million subscribers, boosted by programming such as documentary series backed by director Martin Scorsese.

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