New Corp acquires Storyful for $25 million
News Corporation has acquired social news agency company Storyful for $25 million. Storyful will run as a stand-alone business within News Corp independently. The company will maintain their existing customers including The Wall Street Journal.
“Storyful has become the village square for valuable video, using journalistic sensibility, integrity and creativity to find, authenticate and commercialize user-generated content,” stated Robert Thomson, Chief Executive of News Corp. “Through this acquisition, we can extend the village square across borders, languages and platforms.”
Based in Dublin, Ireland, Storyful verifies and distributes relevant video and user-generated content to their partners. Storyful provides social media dashboards and real-time discovery tools to their customers. This allows customers to integrate video into their news and advertising efforts through online and mobile platforms. Storyful generated 750 million views across all of their partners in 2013 thus far.
Storyful CEO Mark Little and Executive Editor David Clinch will continue to run the company’s operations. Rahul Chopra, SVP of Video at News Corp will join Storyful as the chief revenue officer. Little will report to News Corp Senior Vice President and Global Head of Business & Corporate Development David Brinker.
“By joining forces with News Corp, Storyful can quickly transform its vision into a global reality,” stated Little. “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 will maintain their headquarters in Dublin, Ireland, which is where they were running since 2008. The company will hire business development and advertising staff in New York.