News Corp to become a strategic investor in Roo Group
LONDON - News Corp is to become a strategic investor in online video agency Roo Group, the company that currently handles video distribution for the publisher's The Times and The Australian online versions.
The deal means News Corp will receive up to 5% of current fully diluted shares in Roo Group and up to an additional 5% interest if the publisher meets specific revenue targets by using Roo Group's products and services.
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News Corp said the agreement would solidify its ongoing business with Roo Group, which extends to syndication partnerships with Rupert Murdoch-owned Fox News Channel and Sky News.
Robert Petty, chief executive officer and chairman of Roo Group, said the deal would "further harness the enormous opportunity of online video across its global network of prestigious media brands".
Petty said: "We are further encouraged by News Corp's proven track record of identifying and partnering with online leaders early in their growth."
The company, which was founded in 2001, specialises in digital media for broadcast and mobile communication platforms.
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