News Corporation sells Fox Mobile to property group Jesta
Originally investing in North American and European property, it's since expanded into the manufacturing and aviation sectors, plus supply chain technology.
Quite how mobile entertainment plays within such a group, even in terms of a group of independently run companies, remains to be seen. At least it seems likely Jesta got a good deal, although financial details weren't disclosed.
News Corp has been trying to sell the asset since the summer, and had written off hundreds of millions of dollars in the process.
The company, which was originally created by the acquisition of Jamba, VeriSign and Mobizzo will now be renamed Jesta Mobile Holdings.
"We believe that mobile entertainment is an important emerging market and we are excited about this acquisition and the opportunities for growth it presents," said Jason Aintabi, president of Jesta Group.
"FMG's unique ten year history in mobile entertainment services; its stature as a trusted partner with carriers and device manufacturers; and its many successful consumer brands give it a clear advantage in this rapidly developing sector.
"We look forward to working with the many talented and dedicated global employees of FMG and to a very bright future for the company and its brands."
[source: PR Newswire]