Entertainment studio 21st Century Fox agreed yesterday to acquire US-based video advertising company TrueX Media for a price said by the Wall Street Journal to be near $200m.
The deal will provide exits to Norwest Venture Partners, the venture capital firm solely funded by bank Wells Fargo, as well as fellow VC firms Redpoint Ventures, Jafco Ventures and Pinnacle Ventures.
Founded in 2007 as Archetype Media and later known as SocialVibe, TrueX licenses a video advertising platform for online media. Once the acquisition is closed it will work with Fox Networks Group to drive user engagement on its digital platforms.
TrueX has raised approximately $49.8m in funding, including $26m from a series D round backed by Norwest that closed in March this year.
James Murdoch took a seat on TrueX’s board around the time of the series D round. He was also appointed chief operating officer of 21st Century Fox in March.
“The connections between brands and consumers have continued to evolve within digital video environments, and TrueX is at the centre of this vital area of innovation,” Murdoch said yesterday.
“We are thrilled at the opportunity to have TrueX’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.”