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Fox Corp. to Buy $265 Million Majority Stake in Credible Labs

Fox Corporation has entered into an agreement to buy a majority stake in the consumer finance marketplace Credible Labs Inc., the company announced Sunday.

As part of the merger agreement, Fox Corp. will pay $265 million for 67% of the company in addition to a $75 million growth capital commitment to Credible Labs over approximately two years.

Credible provides consumers with a personalized experience to compare rates from multiple financial institutions regarding student loans, personal loans and mortgages.

“The acquisition of Credible underscores Fox Corporation’s innovative digital strategy that emphasizes direct interactions with our consumers to provide services they want and expand their engagement with us across platforms,” said Fox executive chairman and CEO Lachlan Murdoch. “Credible, which has tremendous synergy with core brands such as Fox Business and Fox Television Stations and will benefit from our audience reach and scale, will drive strategic growth, further develop our brand verticals and deepen consumer relationships.”

Credible founder and CEO Stephen Dash will continue to serve in his current position.

“Fox Corporation’s record of innovation and focus on audience engagement will further enhance Credible’s position as a leading consumer finance marketplace in the United States, creating opportunities for organic growth and the expansion of the Credible platform,” Dash said. “Credible’s industry-leading user experience, combined with Fox, will provide greater impact and scale for consumers.”

The transaction is expected to close in the fourth quarter of this year on the condition of a majority vote of all Credible shareholders, as well as a majority vote of all shareholders other than Dash and his affiliates.

Credible would join a number of Fox Corp.’s digital offerings that include Fox Nation service, the pay-per-view functionality on the Fox Sports app, live and on demand content on Fox Now, and leading news sources including FOXNews.com, FOXBusiness.com and the websites of local Fox Television Stations.

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