Friday, December 20 14:46:08
Storyful, the firm founded in 2008 by ex-RTE presenter, Mark Little, has been bought by News Corp for E18m.
Storyful discovers, verifies and distributes user-generated news and video content to its partners using both technology and journalistic tools.
The Dublin firm also provides social media dashboards, real-time discovery tools, feeds and analytics to customers, allowing them to integrate video into their news or advertising efforts and to monitor social conversations and sentiment. So far in 2013, verified user-generated videos managed by Storyful generated 750 million views for its partners, News Corp said.
Storyful will continue to be based in Dublin and operate as a stand-alone unit within News Corp, owner of The Wall Street Journal and Dow Jones Newswires. The deal is worth 18 million euros, or about $25 million.
"We've entered an era in which user-generated content must be verified if it's to be trusted, and that's precisely what Storyful does best," said News Corp CEO Robert Thomson.
News Corp, publisher of newspapers in the U.S., the U.K. and Australia, split from movie and television company 21st Century Fox earlier this year. In the wake of the split, News Corp faces the challenge of adapting its array of traditional media assets for audiences demanding content in digital formats.
Mr. Thomson said the Storyful acquisition is "replete with global and digital strategic significance for the company," adding Storyful will help News Corp develop its video capabilities.
Storyful's management team of Chief Executive Mark Little and Executive Editor David Clinch will continue to oversee the company's operations. Rahul Chopra, senior vice president of video for News Corp, will join the Storyful management team, taking on the additional role of chief revenue officer.