News Corp acquires social news agency Storyful

News Corp has acquired the social news agency Storyful for approximately $25 million. The company made the announcement earlier today and according to a press statement, Storyful will operate as a separate business unit within News Corp.

FP Staff December 20, 2013 19:56:00 IST
News Corp acquires social news agency Storyful

News Corp has acquired the social news agency Storyful for approximately $25 million. The company made the announcement earlier today.

According to a press statement, Storyful will operate as a separate business unit within News Corp.The acquisition is seen as part of larger effort to build a wider digital presence.

Commenting on the acquisition, Robert Thomson, Chief Executive of News Corp, said in a press statement, "Storyful has become the village square for valuable video, using journalistic sensibility, integrity and creativity to find, authenticate and commercialise user-generated content. Through this acquisition, we can extend the village square across borders, languages and platforms."

As far as management changes go, Storyful' CEO Mark Little and Executive Editor David Clinch will continue to remain in-charge. Additionally Rahul Chopra who was Senior Vice President of Video for News Corp, will also join the Storyful management team as the new Chief Revenue Officer.

News Corp acquires social news agency Storyful

Screengrab of the Storyful website.

Storyful is an Ireland based-start-up that discovers, verifies, acquires and distributes timely and relevant video and user-generated content to its partners. Storyful also provides social media dashboards, real-time discovery tools, feeds and analytics to its customers. According to News Corp's press statement, verified user-generated videos managed by Storyful generated 750 million views for its partners in 2013 alone.

Storyful's CEO David Little said in the press statement, "By joining forces with News Corp, Storyful can quickly transform its vision into a global reality. We believe that journalism in the age of social media needs to be open, innovative and collaborative, and so does the business model that will sustain it. News Corp is a natural fit for a company which wants to help reinvent the news industry."

Storyful remains headquartered in Dublin, where the company was founded in 2008. Storyful has been building and refining the first truly social newsroom. It has worked with ABC News, Reuters and the New York Times, and social platforms such as YouTube.

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