News Corp has acquired Ireland-based social news tool Storyful for about $25m, marking its first acquisition as a stand-alone firm.
Established in 2010, the startup works to verify online video authenticity and also licenses usage rights to broadcasters for popular viral video on social media networks including Twitter in real time.
News Corp chief executive Robert Thomson said Storyful has become the village square for valuable video, using journalistic sensibility, integrity and creativity to find, authenticate and commercialise user-generated content.
"Through this acquisition, we can extend the village square across borders, languages and platforms," Thomson said.
According to the Rupert Murdoch’s media firm, the new stand-alone business entity will continue partnering with other news organisations, such as the New York Times, Reuters and ABC News.
Storyful founder Mark Little said that the move would allow combining the authority of premier original content with the authenticity of user-generated content.
"We will define the opportunities that the digital landscape presents rather than simply adapt to them," added Little.
"We believe that journalism in the age of social media needs to be open, innovative and collaborative, and so does the business model that will sustain it."
Operating from its headquarters in Dublin, the startup’s global team of journalists would continue to cover real-time news as well developing new tools to power the newsrooms of the future.
