Murdoch splashes cash for on-demand ad firm true[x]
DetailsJoseph O'Halloran | 18 December 2014
Hot on the heels of completing the merger of Endemol, Shine Group and CORE Media, 21st Century Fox has reached a preliminary agreement to acquire online advertising and marketing firm true[x].
Founded in 2007, true[x] offers a platform for premium content in digital and on-demand environments. Its client list includes consumer brands including Microsoft, Visa, Apple, Disney, Coca-Cola, Kia, Kraft, Macys, Nestle and Procter & Gamble.
Financial terms of the deal have not as yet been not disclosed, but the Rupert Murdoch-led business believes that with the latest addition to its portfolio it will have a video advertising company that specialises in consumer engagement and on-demand marketing campaigns. Post acquisition, 21st Century Fox plans to run true[x] as a standalone business that will work closely with Fox Networks Group to drive engagement between brands and consumers on Fox's proprietary digital platforms.
"The connections between brands and consumers have continued to evolve within digital video environments, and true[x] is at the centre of this vital area of innovation," said 21st Century Fox Co-COO James Murdoch. "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."
"This puts the true[x] team in an even better position to fulfil our vision and shape the digital video ad industry," added true[x] media founder Joe Marchese. "As a creator and distributor of content, 21st Century Fox's interests are very much aligned with our mission and vision to build technology to support a thriving digital video marketplace."