News Corp to acquire Indian media firm VCCircle Network
Looking to strengthen its presence in India, Rupert Murdoch-led News Corp on Monday announced back-to-back acquisitions of financial information provider VCCircle Network and film magazine Screen. Financial details of both the deals were not disclosedUpdated: Mar 10, 2015, 11:16 IST
Rupert Murdoch-led News Corp will acquire Indian media firm VCCircle Network for an undisclosed sum.
The Noida headquartered VCCircle Network portal is owned by Mosaic Media Ventures and has about 100 employees across India.
“It is a win-win for both of us. The acquisition process will be completed soon,” said PV Sahad, founder and CEO, Circle Network.
His team will be merged with News Corp's India team. VCCircle is an online financial data and information services group. The group's products include VCCircle.com, Techcircle.in, and financial data platform VCCEdge. “Our team has understood the demands of the market and performed well over the years,” said Sahad.
He will report to News Corp senior-vice president (strategy) Raju Narisetti, a News Corp statement said. Commenting on the announcement, News Corp chief executive Robert Thomson said: "India is an increasingly meaningful part of our portfolio, which is itself increasingly digital and global…This important investment is a sign of our faith in India's future and our enthusiasm for working with and building up emerging talents in the country."
An earlier version of this story reported that “News Corp’s Indian arm Star India will get exclusive ownership of the Screen brand franchise”. This was incorrect. Star India has since June 2013 been owned by 21st Century Fox, which is also controlled by Rupert Murdoch.