Executives at music video streaming service Roxi have completed a management buy-out in partnership with a syndicate of investors that includes US TV broadcasters Sinclair and Gray Media.
The new company, FastStream Interactive, has acquired the business and technology of Roxi, as well as sealing distribution deals with major US broadcasters.
The first FastStream-powered TV channel to launch will be Roxi. The interactive TV music channel will be available free on over-the-air service Nextgen TV.
Rob Lewis, CEO of FastStream, said: “The new technology, FastStream, will revolutionise broadcast TV. For the first time in history, consumers tuning into a normal TV channel will find they automatically start at the beginning of the programme, and that they are able to skip, pause or search, even though they are watching normal broadcast TV.”
Around 75% of the US population, an estimated 125 million US households, have access to Nextgen TV today.
The new company has the support of more than 100 major investors. Shareholders include US broadcasters Sinclair and Gray Media, U2 bassist Adam Clayton, Terra Firma founder Guy Hands, British businessman Jim Mellon and global lead of TMT at Rothschilds Warner Mandel.
Skip Flenniken, VP & GM technology business development at Sinclair, said: “FastStream Interactive will empower Sinclair to deliver a range of cutting edge, fully interactive TV channels. Our viewers across the US will be able to search, skip, and engage with content in a seamless, personalised experience.”
Robert Folliard, SVP of government relations & distribution at Gray Media, said: “Working together with FastStream Interactive, Gray will be introducing fully interactive TV channels to viewers. 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.”
In addition to working with the major US broadcasters, FastStream Interactive will be partnering with major Smart TV and pay TV operators in the USA and Europe.
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