Summary
Fox Corporation (FOXA) announced on August 4, 2019, a significant strategic move to acquire a controlling stake in Credible Labs, Inc. The company has entered into an Agreement and Plan of Merger to purchase 67% of Credible's equity for approximately $265 million. This acquisition represents a notable investment in the financial technology sector and signals Fox's intent to diversify its business interests beyond traditional media. The transaction is subject to customary closing conditions.
Key Highlights
- 1Fox Corporation to acquire a 67% stake in Credible Labs, Inc.
- 2Transaction value for the controlling stake is approximately $265 million.
- 3The acquisition agreement was announced on August 4, 2019.
- 4Credible Labs, Inc. operates in the financial technology sector.
- 5This represents a strategic diversification move for Fox Corporation.
- 6The deal is subject to the satisfaction or waiver of certain conditions.
Frequently Asked Questions
Fox Corporation is acquiring a controlling stake of 67% in Credible Labs, Inc., a company operating in the financial technology sector.
The acquisition of the 67% equity stake in Credible Labs, Inc. will cost Fox Corporation approximately $265 million.
The agreement and plan of merger, along with the announcement of the acquisition, were made on August 4, 2019.
This acquisition indicates a strategic move by Fox Corporation to diversify its business interests by investing in the financial technology sector, potentially expanding its revenue streams and market reach beyond its core media operations.