After making two significant business purchases in the past 6 months, U.S. media giant News Corp (NASDAQW:NWSA) announced its third acquisition in the Indian media company VCCircle. The former already purchased property company PropTiger in the month of November for $30 million and financial planning service Bigdecisions.com in the month of December. The announcement of its third acquisition further re-inforces its faith in the Indian market.
VCCircle is a tech and startup-focused media company, which was established in the year 2005. It is headquartered in Noida, with around 100 staff members and has news sites called VCCircle.com and Techcircle.in. It also runs research platform VCCEdge, VCCircle Training and an events business. After the acquisition, it will become part of News Corp India organization.
News Corp (NASDAQW:NWSA) CEO, Robert Thompson, said that India in itself is a pool of emerging talents and is one of the significant aspects of their global portfolio. Regarding the acquisition, VCCircle founder and CEO P.V. Sahad said that this move would only accelerate their already aggressive growth plans. However, the financial details of the deal and also the specific goals of this investment remain undisclosed.
The tech scene in India is quite encouraging at present and is attracting investors across the globe. These include SoftBank, Google Capital, Tiger Global Fundand various other funds pitching in to make new investments in Indian sub-continent. This also further stresses the significance of quality reporting and analysis being done in India. The VCCircle deal has acquired further importance in Indian context because one do not usually find purely media based companies being acquired in India.
News Corp (NASDAQW:NWSA) lost 1.55% in its last trading session and closed at $16.83, with a market cap of $9.69 billion. The company will release its 3Q2015 results in the month of May.