News Corp pays €18m to boost video efforts

Storyful will operate as a stand-alone unit within News Corp. Headquarters will remain in Dublin, with additional business development and advertising sales employees to be hired in New York. 

The acquisition is part of News Corp's digital and video strategy, which aims to drive user engagement and revenues. The buyer intends to boost Storyful's video products and services offering for newsrooms, advertising agencies and media brands. 

SOS Ventures, the Irish State Enterprise Board, ACT Ventures and Irish entrepreneur Ray Nolan have all exited the asset as a result of the acquisition. 

In November 2011, ACT Venture Capital provided early stage capital to the firm via AIB Start-Up Accelerator Fund, according to unquote" data.

Company
Founded in 2008 and based in Dublin, Storyful is a social news agency. The firm finds verified news from social media and distributes relevant video and user-generated content to its partners.

It also provides social media dashboards, real-time discovery tools, feeds and analytics to its customers, which allows them to integrate video into their news or advertising campaigns. Users include ABC, Reuters and the New York Times. 

People
Rahul Chopra, senior vice president of video for News Corp, will join Storyful as chief revenue officer.

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