21st Century Fox FOXA, +2.82% FOX, +2.77% today announced it has reached a preliminary agreement to acquire true[X] media, a leading video advertising company that specializes in consumer engagement and on-demand marketing campaigns.
Closing of the transaction is subject to the completion of a definitive agreement and other customary closing conditions. Financial terms were not disclosed.
Founded in 2007, true[x] offers online publishers and advertisers a marketing platform for premium content in digital and on-demand environments. Following the acquisition, true[X] will remain a stand-alone business, and will continue to deliver platforms and services to a wide range of television clients, as well as streaming music and video companies such as Pandora and DramaFever, among others. On the marketing side, the Company’s client list includes many of the world’s top consumer brands, including Microsoft, Visa, Apple, Disney, Coca-Cola, Kia, Kraft, Macys, Nestle, and Procter & Gamble, among others.
“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,” said James Murdoch, Co-COO of 21st Century Fox. “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.”
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.
“At Fox, we are constantly working to create ad experiences that empower marketers to reach consumers in new and more effective ways,” said Randy Freer, President and COO of Fox Networks Group. “We are excited about the opportunities true[X] brings with respect to enhancing ad engagement for consumers on our networks’ digital platforms.”
“This puts the true[X] team in an even better position to fulfill our vision and shape the digital video ad industry,” said Joe Marchese, founder of true[X] media. “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.”
About 21st Century Fox
21st Century Fox is the world’s premier portfolio of cable, broadcast, film, pay TV and satellite assets spanning six continents across the globe. Reaching more than 1.5 billion subscribers in approximately 50 local languages every day, 21st Century Fox is home to a global portfolio of cable and broadcasting networks and properties, including FOX, FX, FXX, FXM, FS1, Fox News Channel, Fox Business Network, FOX Sports, Fox Sports Network, National Geographic Channels, STAR India, 28 local television stations in the U.S. and more than 300 channels that comprise Fox International Channels; film studio Twentieth Century Fox Film; and television production studios Twentieth Century Fox Television and Shine Group. The Company also holds a 39.1% ownership interest in Sky, Europe’s leading entertainment company, which serves 20 million customers across five countries. For more information about 21st Century Fox, please visit www.21CF.com.
About true[X] media
true[X] media delivers effective advertising for on-demand, interactive media. We believe that ads should be enabling rather than interruptive, and have built the definitive engagement advertising system around our core product of true[ATTENTION], which delivers on the promise of “zero waste” advertising. true[X] media provides the best advertising experience for consumers, the best monetization for premium publishers and the best return for brand advertisers.
Originally founded in 2007, true(X) media pioneered the engagement-based ad model, is headquartered in Los Angeles and New York, with offices in Chicago, San Francisco, Atlanta, and Detroit. For more information, visit www.truex.com or follow us on Twitter @truex.