Fox CEO Rob Wade: No Subscription Streaming Is An Opportunity

Fox is one of the only broadcast networks not to have its own sister subscription streaming service and CEO Rob Wade believes this is an advantage.

Speaking ahead of its Upfront presentation later today, Wade said, “Our industry has seen a massive market shift. And for us, that translates into massive opportunity.”

“We sit in a unique position, unburdened by the challenges of an SVOD P&L, allowing us to write our own playbook,” he added.

While the company does operate free-streaming service Tubi, Wade was alluding to the challenges that companies such as ABC owner Disney has with Disney+ and Hulu, NBCUniversal has with Peacock and CBS owner Paramount has with Paramount+, now being forced to chase streaming profits after huge spending.

He added that the last several years have been “disruptive”.

Obviously Wade was referring to streaming in the entertainment space as it is one of the partners of a sports streaming service alongside Disney and Warner Bros. Discovery.

He said that Fox is now “able to seize opportunity, invest and grow” but doesn’t want to do this by “rebuilding where we were” but by creating something new. “Something unencumbered by the long-standing legacy frameworks that can weigh you down…Something where smart bets alongside innovative production models can make our shows cost effective, at no cost to the creative and something that reflects the modern consumer and how they consume content,” he added.

This comes as it is bringing all of its studio operations – Fox Entertainment, Fox Alternative Entertainment and Marvista Entertainment together under Fox Entertainment Studios, led by Fernando Szew, launching international distribution division Fox Entertainment Global and putting Michael Thorn in charge of unscripted as well as scripted.

“As a producer for the past 20 years, I know for this to work, creative must be the enduring center of all we do. We must deliver unexpected, unforgettable entertainment. And that begins with great original ideas and world-class talent,” Wade added, highlighting deals with the likes of John Wells, Gordon Ramsay, Jamie Foxx, Niecy Nash, Molly Parker, Howard Gordon and Jon Hamm.