ROXi Acquired in Management Buyout as U2's Adam Clayton Joins Investor Lineup for FastStream Expansion
Music streaming service ROXi has been acquired through a management buyout, with U2 bassist Adam Clayton joining as a new investor. The company is now operating under FastStream Interactive, backed by over 100 major investors including Simon Cowell, Robbie Williams, Kylie Minogue, and Sheryl Crow.
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FastStream Interactive, led by Rob Lewis, is shifting focus from music videos and karaoke to interactive TV channels. The company has secured partnerships with broadcasters Sinclair and Gray Media as stakeholders.
Key developments include:
- Launch of America's first Interactive TV Music channel via NextGen TV
- No app or registration required for access
- Technology allowing viewers to start programs from the beginning
- Skip, pause, and search capabilities for broadcast TV
- Expected 75% compatibility with U.S. TVs by 2028
"FastStream Interactive will empower Sinclair to deliver a range of cutting edge, fully interactive TV channels," says Skip Flenniken, Sinclair VP and GM of technology business development.
Additional notable investors include:
- Terra Firma Capital Management founder Guy Hands
- Businessman Jim Mellon
- Former Rothschild partner Warner Mandel
The service will utilize NextGen TV technology, which combines broadcast with broadband TV viewing capabilities, requiring only an antenna for access.
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