Murdoch’s News Corp buys VCCircle Network in 3rd India investment
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: “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,” he added.
VCCircle Network is owned by Mosaic Media Ventures and has about 100 employees across India, with its headquarters in Noida. VCCircle Network Founder and CEO P V Sahad and the management group will become part of News Corp’s India team.
Sahad will report to News Corp Senior Vice President (Strategy) Raju Narisetti, the statement said. In November 2014, News Corp had acquired 25 per cent stake in Indian realty portal PropTiger.com for $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.