The YouTube aggregator will retain ownership of the network, with hip hop artists providing content and receiving a split on the advertising revenue.
Former Deutsche Telekom sales and distribution head Dirk Woessner will join the company on April 5 as president of the consumer business division.
The pact will see Cirque du Soleil Media and Fox develop live-action primetime scripted TV projects.
The long-time head of the Canadian media group is to retire at the end of March 2015, to be replaced by Doug Murphy.
The gold medal game on Monday night pulled in an average 7.1 million viewers, an all-time specialty channel audience record.
The moves come in the wake of the pubcaster’s Jian Ghomeshi affair.