Global media company News Corp (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) acquired Storyful, a Dublin, Ireland-based social news agency, for approximately $25m.
Founded in 2008, Storyful discovers, verifies, acquires and distributes relevant video and user-generated content to its partners. It also provides social media dashboards, real-time discovery tools, feeds and analytics to its customers, allowing them to integrate video into their news or advertising efforts via online and mobile platforms and to monitor social conversations and sentiment.
Following the transaction, Storyful will operate as a stand-alone business unit within News Corp and continue to work with its existing roster of global customers, which includes The Wall Street Journal. CEO Mark Little and executive editor David Clinch will continue to lead the company’s operations while Rahul Chopra, senior vice president of video for News Corp, joined Storyful as chief revenue officer.
The company will remain headquartered in Dublin, with additional business development and advertising sales staff to be hired and based in New York.
News Corp will use its own global scale, digital presence and advertising expertise to enhance and expand Storyful’s video products and services for newsrooms, advertising agencies and brands.
It will also utilize Storyful’s tools to help drive engagement and revenue across its businesses.
Investors in the company included Ray Nolan, SOS Ventures, the Irish State Enterprise Board, and ACT Ventures.
FinSMEs
23/12/2013
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