Fox buys Mexican sports streamer Caliente TV to fuel its global ambitions

Fox Corp. announced its acquisition of Caliente TV, a Mexican streaming service and TV channel centered on sports. The deal, for which a price was not made public, gives Fox a trove of live sports rights to build out its upcoming streaming services in Latin America and beyond.The content play: The acquisition is a clear move to load up on international sports content as the media giant gears up to launch its Fox One streaming service later this year. To lead the expansion, Fox appointed longtime industry executive Carlos Martinez as its new head for Latin America, tasked with building out a new subscription service and pay TV channel to complement its free streamer, Tubi.A rights firehose: With the deal, Fox inherits a deep catalog of premium sports rights. The company now controls broadcasts for the UEFA Champions League, the Premier League, and numerous Liga MX soccer teams, alongside U.S. content like the Big Ten Conference and the United Football League.The streaming tide: Fox’s strategy follows the audience. According to a recent Nielsen report cited by CNBC, streaming’s audience grew larger than broadcast and cable TV combined for the first time in May, escalating the race for exclusive content that can draw in subscribers.The bottom line: Fox is placing a major bet that a deep well of live, international sports is the key to winning subscribers in the crowded and competitive global streaming wars. But Fox’s ambitions extend beyond this single acquisition. The company is preparing to launch Fox One, a service bundling its entire portfolio of news, sports, and entertainment. Separately, Fox is also a key player in Venu Sports, the major joint venture with Disney and Warner Bros. Discovery aimed at capturing sports-loving cord-cutters.