London, England, United Kingdom (4E) – News Corp bought UK luxury-shopping website Handpicked Companies Ltd., in an effort by the newspaper publisher to continue in pushing into new online tools and resources.
The deal’s financial terms were not disclosed. News Corp is the parent company of The Wall Street Journal and the Dow Jones Newswires, as well as other publications based in the U.S., UK and Australia.
Handpicked, which launched its website seven years ago, sells gifts, children’s toys and home decor. News Corp said the site will maintain its focus on its existing customer base, but its offerings will be promoted through The Times and The Sunday Times — two of News Corp’s British publications.
E-commerce has become a source of revenue for newspaper publishers as they try to diversify away from its traditional revenue streams of advertising and subscription. The New York Times and The Wall Street Journal both offer subscription services for wine and other items.
The transaction comes after News Corp’s $25mn acquisition of Storyful, a Dublin-based service that tracks breaking-news events and trends for news organizations using social media and also verifying the information’s authenticity.
The Storyful deal was completed in December and was News Corp’s first acquisition since it was spun off from television and film company 21st Century Fox Inc. in June.