News Corporation acquires Skiff and makes an investment in Journalism Online

June 15, 2010 — Fusion DigiNet

News Corp. has acquired Skiff, Hearst Corporation’s e-reading platform designed to deliver premium journalism to tablets, smartphones, e- readers and netbooks. The Company also announced an investment in Journalism Online, the venture dedicated to enabling newspapers, magazines and online-only publishers of quality content to collect revenue from their online readers. The financial terms of both agreements were not disclosed.

“Journalism co-founder Gordon Crovitz added, “We’re especially pleased with this investment because News Corp. is the industry leader in making the case that there is value in journalism online for which readers will be willing to pay.”

“Today’s developments underscore News Corporation’s ongoing commitment to create strong business models that support journalism at a time of great change in our industry,” said Jon Miller, Chief Digital Officer, News Corporation. “Both Skiff and Journalism Online serve as key building blocks in our strategy to transform the publishing industry and ensure consumers will have continued access to the highest quality journalism.”

“We’re delighted by this investment and this vote of confidence,” said Journalism Online co-founder Steven Brill. “Journalism co-founder Gordon Crovitz added, “We’re especially pleased with this investment because News Corp. is the industry leader in making the case that there is value in journalism online for which readers will be willing to pay.”

Location: USA, New York

Ref: F231109-498

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