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Friday, December 20, 2013

News Corp acquires social media tool Storyful, (NASDAQ: NWSA)

News Corp on Friday made its first acquisition as a stand-alone company with the $25 million purchase of social news tool Storyful. Founded in 2008 and based in Dublin, Ireland, Storyful verifies and manages the rights holders of news and videos on social media platforms such as Twitter in real time."Storyful has become the village square for valuable video, using journalistic sensibility, integrity and creativity to find, authenticate and commercialize user-generated content," News Corp CEO Robert Thomson said in a statement.The move sheds a bit of light on News Corp's acquisition strategy. Since it separated from its cable, TV and movie sister properties, now known as 21st Century Fox, in July, analysts have been keen to understand how News Corp plans to use its sizable chest of cash of more than $2 billion.News Corp said it will operate Storyful as a stand-alone business unit that will continue to maintain partnerships with other news organizations, including the New York Times, Reuters and ABC News.

News Corporation is a diversified media and information services company. Shares of NWSA traded higher by 1.99% or $0.345/share to $17.70. In the past year, the shares have traded as low as $14.39 and as high as $17.97. On average, 5231040 shares of NWSA exchange hands on a given day and today's volume is recorded at 2265466.