21st Century Fox plans to acquire true[X] media, a video-ad startup specializing in consumer engagement and on-demand marketing campaigns.
Financial terms of the deal were not disclosed. Following the acquisition, true[X] will remain a stand-alone business — retaining TV, music and video clients such as Pandora and DramaFever — and also will work with Fox Networks Group to develop marketing capabilities on Fox’s proprietary digital platforms.
True[x], founded in 2007, sells its digital-marketing platform to publishers and advertisers. Marketing clients include Microsoft, Visa, Apple, Disney, Coca-Cola, Kia, Kraft, Macys, Nestle and Procter & Gamble.
James Murdoch, co-COO of 21st Century Fox, was already an individual investor in true[x], which had raised $50 million in funding. Other investors include true[x] founder and CEO Joe Marchese; Jeff Crowe, managing partner of Norwest Venture Partners; Mich Mathews, former chief marketing officer of Microsoft; and Kenneth R. Pelowski, managing partner of Pinnacle Ventures.
“The connections between brands and consumers have continued to evolve within digital video environments, and true[x] is at the center of this vital area of innovation,” James Murdoch said in announcing the pact. “We’re thrilled at the opportunity to have true[x]’s talented team work with us as we set out together to create new experiences in what we believe is a very exciting time in digital video.”
True[x], which has 70 employees, is based in L.A. with offices in New York, Chicago, Seattle, Detroit and Atlanta.