LONDON—The management at music video streaming service ROXi has completed a management buyout of the business in partnership with a investor syndicate including major U.S. broadcasters Sinclair and Gray Media.
FastStream Interactive Limited (FSI), the new company set up post-buyout, has successfully acquired the business and technology of ROXi and has sealed distribution deals with major U.S. broadcasters that will bring FSI’s interactive TV channels to U.S. broadcasters.
“The new technology, FastStream, will revolutionize broadcast TV,” FastStream CEO Rob Lewis said. “For the first time in history, consumers tuning into a normal TV channel will find they automatically start at the beginning of the program, and that they are able to skip, pause or search, even though they are watching normal broadcast TV.”
The first FastStream-powered TV channel to launch will be ROXi, believed to be America’s first interactive TV music channel, will be available for free via NextGen TV. It will allow frictionless access to all the music Americans like whenever they want for free on their TV without the need for an app and with no registration or subscription required, the company said.
“FastStream Interactive will empower Sinclair to deliver a range of cutting-edge, fully interactive TV channels,” Sinclair Vice President and General Manager, Technology and Business Development Skip Flenniken said. “Our viewers across the U.S. will be able to search, skip and engage with content in a seamless, personalized experience.”
The new company has the support of more than 100 major investors, including U.S. broadcasters as well as prestigious names in music and corporate finance, FastStream said.
Shareholders include Sinclair and Gray Media Group, U2 bassist Adam Clayton, Terra Firma Capital Partners founder Guy Hands, British billionaire businessman Jim Mellon and Global Lead of TMT at Rothschilds Warner Mandel, it said.
“Working together with FastStream Interactive, Gray will be introducing fully interactive TV channels to viewers,” Robert Folliard, senior vice president of government relations and distribution at Gray, said. “We see this as a compelling new chapter for TV entertainment and another reason for consumers to be excited about the upcoming NextGen TV transition.”
More information is available on the company’s website.