News Corp. has acquired Storyful, a “social news agency,” for $25 million — its first acquisition since splitting from 21st Century Fox.
News Corp. said it will expand Storyful’s video products and services for newsrooms, ad agencies and brands and also use Storyful’s tools to help drive engagement and revenue across News Corp.’s own properties.
Storyful will remain based in Dublin, Ireland, operating as a standalone business unit of News Corp.
“Storyful has become the village square for valuable video, using journalistic sensibility, integrity and creativity to find, authenticate and commercialise user-generated content,” said News Corp. CEO Robert Thomson in announcing the deal. “Through this acquisition, we can extend the village square across borders, languages and platforms.”
Storyful, founded in 2008, says its video system has generated 750 million views for partners in 2013. The startup aggregates, verifies, acquires and distributes news-related video and user-generated content to news organizations and advertisers.
Investors include Irish entrepreneur Ray Nolan; SOS Ventures; the Irish State Enterprise Board; ACT Ventures; and Storyful CEO Mark Little.
Little and Storyful executive editor David Clinch will continue to oversee the company’s operations, News Corp. said. Rahul Chopra, News Corp.’s senior VP of video, will join the Storyful management team in the additional role of chief revenue officer. Little will report to David Brinker, News Corp. senior VP and global head of business and corporate development.