New York, NY, United States (4E) – News Corp. said it agreed pay $25mn to acquire Storyful, a startup that helps newsrooms find and verify breaking news as well as identify viral online content.
The purchase is the first for News Corp since the company was spun off in June from a larger conglomerate that included the Fox film and television businesses, and along with it $2.6bn in cash. News Corp is the publisher of the Wall Street Journal and the New York Post.
The acquisition will allow News Corp. to benefit on the rise in crowd-sourced reporting, an area various news organizations are seeking to search for content.
Storyful, the Dublin-based company with 28 employees, also specializes in checking for citizen reports generated through social media. The firm will operate as a stand-alone company within the New York-based News Corp., according to a statement released Friday.
Storyful helps newsrooms monitor breaking-news events and trends by tracking social media and verifying the information’s authenticity such as videos from eyewitnesses, for example during the Boston bombing and natural disasters.
The company looks for photos and videos and provide them to media organizations. It also checks them for accuracy and get the necessary rights from the users who posted the material.
Among the startup’s clients include New York Times, Reuters and ABC News, according to Storyful’s website.