21st Century Fox has reached a preliminary agreement to acquire True[X] media, a video advertising company that specializes in consumer engagement and on-demand marketing campaigns.
The closing of the transaction is subject to the completion of a definitive agreement and other customary closing conditions. Financial terms of the deal were not disclosed.
21st Century Fox co-COO James Murdoch said, “The connections between brands and consumers have continued to evolve within digital video environments, and True[x] is at the center of this vital area of innovation. 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.”
True [X] Media founder Joe Marchese said, “This puts the True[X] team in an even better position to fulfill our vision and shape the digital video ad industry. 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.”
As part of the acquisition, True[X] will work closely with Fox Networks Group to drive engagement between brands and consumers on Fox’s proprietary digital platforms.
Fox Networks Group COO and president Randy Freer added, “At Fox, we are constantly working to create ad experiences that empower marketers to reach consumers in new and more effective ways. We are excited about the opportunities True[X] brings with respect to enhancing ad engagement for consumers on our networks’ digital platforms.”
Following the acquisition, True[X] will remain a standalone business and will continue to deliver platforms and services to a wide range of television clients, as well as streaming music and video companies including Pandora and DramaFever.
Founded in 2007, True[x] offers online publishers and advertisers a marketing platform for premium content in digital and on-demand environments.
On the marketing side, the company’s client list includes top consumer brands like Microsoft, Visa, Apple, Disney, Coca-Cola, Kia, Kraft, Macys, Nestle and Procter & Gamble.Source: Televisionpost.com