Fox Corporation Acquires Supercast Podcast Platform with Top Users Generating $26M ARR
Fox Corporation's Red Seat Ventures acquired Supercast, a subscription-based podcast platform whose top 10 users generate roughly $26 million in annual recurring revenue, leaving the business independent under founder Jason Sew Hoy. Fox grew Q2 revenue 2.05% to $5.18B and posted $0.82 EPS, beating estimates by $156.19M and $0.28.
1. Acquisition Details
On February 10, Fox Corporation's Red Seat Ventures division completed the acquisition of Supercast, an online subscription platform that monetizes podcast content through paid subscriptions. The acquisition supports Fox's expansion into the podcast creator economy.
2. Supercast Background
Supercast was founded in 2019 and enables podcasters to generate recurring revenue; its top 10 users currently pull in approximately $26 million in annual recurring revenue. Following the transaction, Supercast will continue operating independently under founder and CEO Jason Sew Hoy.
3. Deal Structure
Financial terms of the deal were not disclosed, and Supercast's management team will remain intact to preserve the company's entrepreneurial culture. This structure allows Supercast to maintain autonomy while benefiting from Fox’s distribution and marketing resources.
4. Q2 Financial Performance
In fiscal second quarter, Fox reported revenue of $5.18 billion, a 2.05% year-on-year increase, and delivered EPS of $0.82, beating consensus by $156.19 million and $0.28 respectively. Management attributed results to a 4% rise in distribution revenue led by a 5% jump in cable network programming.