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Murdoch’s News Corp buys Irish start-up Storyful for €18m

The Murdoch family’s News Corp has bought Storyful, a Dublin-based social media agency, for €18 million.

The Murdoch family’s News Corp has bought Storyful, a Dublin-based social media agency, for €18 million.

The start-up is a site created by journalists that collates the most relevant tweets, videos and posts from other social media from people in the middle of different events around the world.

Storyful also says it is able to verify the authenticity of the content, something that is a constant headache for journalists using social media as a resource.   

In a statement, News Corp said Storyful will operate as a stand-alone business unit and complements News Corp’s existing video capabilities, which include on line news service WSJ Live, and sports website BallBall.  

Storyful will continue to work with its existing media clients, which includes The Wall Street Journal, BBC and Google.

News Corp will hope Storyful can help boost its ailing news and information services division. 

The News Corp unit reported fiscal 2014 first quarter total revenues of $1.5 billion, a 10% decrease as compared to the prior year revenues of $1.67 billion.

The Storyful acquisition follows the separation of News Corp in to two distinct companies in June 2013. 

The publishing division retained the name News Corporation, while the broadcasting and entertainment business was named 21st Century Fox.

Following the separation, several other high-profile family business heads joined the board of directors for both new companies. 

John Elkann, sixth-gen chief executive of the Agnelli family's Exor, joined the board of News Corporation, while Delphine Arnault, scion of the dynasty behind LVMH and executive vice president at Louis Vuitton, joined the board of 21st Century Fox.

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