ROXi Completes Management Buyout With US Broadcaster Backing

Music video streaming service ROXi has completed a management buyout, forming a new company called FastStream Interactive (FSI) with backing from major U.S. broadcasters Sinclair and Gray Media, as well as investors including U2 bassist Adam Clayton, Guy Hands, and Jim Mellon. FastStream Interactive has acquired ROXi's business and technology and secured distribution deals to launch interactive TV channels across the U.S., with ROXi becoming the first FastStream-powered channel available for free on NextGen TV. The FastStream technology enables viewers to watch broadcast TV with interactive features such as starting programs from the beginning, skipping, pausing, and searching content without the need for apps or subscriptions. The transaction raised millions of pounds from both new and existing investors, allowing repayment of previous creditors, and is seen as crucial for rolling out FastStream's revolutionary broadcast TV technology. Industry executives from Sinclair and Gray Media highlighted the potential of this technology to transform personalized viewing experiences and mark a significant advancement in U.S. broadcast TV entertainment. The new ownership structure includes prominent music and finance figures, reinforcing ROXi's position as a pioneering TV-focused music streaming service.