Rupert Murdoch-led News Corp has signed a definitive agreement to acquire media firm VCCircle Network for an undisclosed sum. This is the third investment by News Corp in India. Previously, it had invested in financial advisory start-up firm BigDecisions.com and realty portal PropTiger.com.
In a statement, News Corp said it has signed "a definitive agreement to acquire VCCircle Network, which includes VCCircle.com, Techcircle.in, VCCEdge, VCCircle Training, in addition to a premium-content driven conference business." Terms of the acquisition, which is expected to close by March, were not disclosed. Commenting on the announcement, News Corp Chief Executive Robert Thomson said:
In November 2014, News Corp had acquired 25 per cent stake in Indian realty portal PropTiger.com for USD 30 million (Rs 185 crore) as part of its strategy to expand presence in digital media. It had picked up stake in Singapore-based Elara Technologies Pte Ltd, the parent firm of PropTiger.com. In the following month, News Corp announced acquisition of BigDecisions.com for an undisclosed sum. The portal was set up by Manish Shah and Gaurav Roy in early 2013.