News Corp Acquires Social News Agency Storyful For $25 Mln - Quick Facts

(RTTNews) - Media giant News Corp. (NWS, NWSA) has today acquired Social News Agency Storyful for 18 million euros or about $25 million, as part of its digital transformation and video strategy.

Storyful was acquired from a group of investors that include Ray Nolan, one of Ireland's leading entrepreneurs; SOS Ventures; the Irish State Enterprise Board; ACT Ventures; as well as Mr. Little.

Dublin, Ireland-based Storyful, the world's first social news agency, is skilled in finding verified news amidst the noise of social media. The start-up discovers, verifies, acquires and distributes timely and relevant video and user-generated content to its partners.

News Corp will use its own global scale, robust digital presence and advertising expertise to enhance and expand Storyful's video products and services for newsrooms, advertising agencies and brands.

News Corp will also utilize Storyful's tools to help drive engagement and revenue across News Corp's businesses.

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. Storyful's management team of CEO Mark Little and Executive Editor David Clinch will continue to oversee the company's operations.

The acquisition complements News Corp's existing video capabilities, which include the creation and distribution of original and on-demand programming, such as WSJ Live and the recently launched BallBall in Asia.