**MagicWorks Announces Management Buyout with New Investors**
MagicWorks, the music video-streaming service backed by U2 bassist Adam Clayton, is set to announce a management buyout this week after extensive negotiations. The company, which operates under the name ROXi, has been acquired by a new entity called FastStream Interactive (FSI), with significant investment from two major U.S. broadcasters.
Sources indicate that Nasdaq-listed Sinclair and New York Stock Exchange-listed Gray Media are among the new shareholders in FSI. The company is expected to launch new interactive TV channels in the U.S. soon. This deal has involved raising millions in new equity from both new and existing investors, allowing previous creditors of MagicWorks to be fully repaid.
The search for funding in the U.S. was deemed crucial for the rollout of FSI’s innovative FastScreen technology. Established in 2014, ROXi claims to be the world’s first ‘made-for-television’ service, enabling viewers to stream millions of songs and access hundreds of thousands of karaoke tracks. Its broadcast channels allow users to skip content that does not interest them.
Notable figures in the music industry, including Simon Cowell, Kylie Minogue, and Robbie Williams, have previously invested in ROXi. The new ownership structure reportedly includes financiers such as Guy Hands and Jim Mellon.
Rob Lewis, CEO of FSI, commented on the new technology, stating, “FastStream will revolutionize broadcast TV. For the first time, viewers tuning into a regular TV channel will start at the beginning of the program and have the ability to skip, pause, or search, even while watching traditional broadcast TV.”
The management buyout process was advised by Begbies Traynor Group and Rockefeller Capital Management.
**FAQ**
*What is FastStream Interactive?*
FastStream Interactive is a new company formed to manage the assets of MagicWorks, which operates the music video-streaming service ROXi. It aims to innovate broadcast TV with its FastScreen technology.