Fox Corp. is looking to turbocharge its digital business.
To help it push into new business areas, the company has named Steve Chung its first chief growth officer. Fox says Chung will “focus on identifying and developing new digital business opportunities across existing and emerging growth categories.”
Chung will report to Fox CTO and president of digital Paul Cheesbrough.
“The appointment of Steve into this role underscores our continued focus on investing in and developing growth-oriented digital businesses,” Cheesbrough said in a statement. “Steve’s business acumen, digital expertise and industry experience make him the ideal person to identify emerging new opportunities and enhance our current initiatives.”
Unlike many of its entertainment industry peers like Discovery Inc. and ViacomCBS, Fox Corp. has opted not to launch a broad-based subscription streaming service, preferring instead to get into the free, ad-supported streaming space with Tubi, and by launching more targeted offerings like Fox Nation and Fox Soul. That being said, the company’s recent NFL rights deal includes wide-ranging digital rights, giving the company some options to expand its streaming efforts.
However, the company has expanded into other digital businesses, including an acquisition of the financial technology firm Credible Labs, and a stake in the digital-first betting firm Fox Bet. Those investments suggest that Fox is willing to look outside of the traditional entertainment sector in search of digital growth.
Chung had been the chief digital officer for the Fox Television Stations since 2018, and before that was CEO of Frankly, a SaaS firm based in San Francisco. He also previously worked at Goldman Sachs and BRV Ventures.
Updated 9:30 am with mention of Tubi and Fox Bet.