News Corporation (NYSE: NWS, NWS.A), and VeriSign, Inc. (Nasdaq: VRSN) has announced the sale of VeriSign’s minority share of the mobile entertainment joint venture to News Corporation for approximately $200 million.
The joint venture was created when News Corporation acquired controlling interest in VeriSign’s wholly-owned Jamba subsidiary in 2007 and combined it with the Fox Mobile Entertainment unit.
“This sale is an important step in our effort to focus on our core businesses in Internet infrastructure,” said Jim Bidzos, executive chairman of the board of directors, president and chief executive officer on an interim basis of VeriSign. “News Corp. has been a good business partner and we wish them well as they continue to operate an exciting mobile entertainment business.”
News Corporation (NYSE: NWS, NWS.A; ASX: NWS, NWSLV) had total assets as of June 30, 2008 of approximately US$62 billion and total annual revenues of approximately US$33 billion. News Corporation is a diversified global media company with operations in eight industry segments: filmed entertainment; television; cable network programming; direct broadcast satellite television; magazines and inserts; newspapers and information services; book publishing; and other. The activities of News Corporation are conducted principally in the United States, Continental Europe, the United Kingdom, Australia, Asia and the Pacific Basin.