News Corp. sells off Fox Mobile Group to Jesta Group

News Corp. sells off Fox Mobile Group to Jesta Group

MUMBAI: News Corp. has found a potential buyer for its wireless entertainment service in the Fox Mobile Group. Real estate investment firm Jesta Group is buying Fox Mobile Group that provides video, games and other entertainment on mobile phones through a variety of brands, including Jamba and Jamster.


Fox Mobile will be renamed once it joins Jesta Mobile Holdings. The financial terms of the deal in not known.


Stated FMG COO Mark Anderson, "We are all very excited to grow this business under Jesta Group‘s leadership and to build upon the solid base established under News Corp.‘s stewardship."


News Corp., the media empire of which includes Fox TV channels and The Wall Street Journal, first bought a majority stake in Jamba, a Berlin-based ringtone outfit in 2006 and then acquired it from VeriSign in 2008 to form the Fox Mobile Group.


Rupert Mudoch‘s News Corp. has been trying to hive off Fox Mobile since then as the company focused on other objectives.


Said Jesta Group president Jason Aintabi, "We believe that mobile entertainment is an important emerging market and are excited about this acquisition and the opportunities for the growth it presents."
 

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