In March, Ross Levinsohn, president of Fox Interactive, said he'd acquire five or so new companies in the near future. On Monday morning they'll announce two of them.
The first announcement is a confirmation of the previously rumored NewRoo acquisition. The second announcement is the acquisition of New York based kSolo, a service that enables its users to create, share and rate their own recorded music (web karaoke).
Both of these acquisitions are excellent “plug-in deals” for Fox's massive MySpace property, with nearly 70 million users.
Terms are not going to be disclosed, although rumors put the deals at less than $10 million each. Look for a press release Monday AM. Here's the full text of the press release:
FOX INTERACTIVE MEDIA COMPLETES
ACQUISITION OF NEWROO INC. AND KSOLO.COM
Los Angeles, CA – May 1, 2006 – Fox Interactive Media (FIM) today announced it has completed two acquisitions of innovative early stage companies, Newroo Inc. and kSolo.com (www.kSolo.com). Newroo has developed an intelligent tool that scans the web and finds the most relevant information for users from thousands of websites, enabling them to easily create their own web sites by aggregating and remixing content from third-party websites and blogs. kSolo.com is a powerful user-generated music service that enables its community to easily create, share and rate their own recorded music and connect around shared tastes in music genre and style.
“Fox Interactive Media's acquisitions of Newroo and kSolo demonstrate our commitment to empowering users with interesting tools that they can use to further enhance their online experience and online identity,” said Ross Levinsohn, President of Fox Interactive Media. “The acquisitions further validate FIM's ability to unearth early stage, technically savvy web 2.0 companies led by entrepreneurial, forward-thinking management teams.”
“We are excited to bring both our technology and music community to the Fox Interactive Media family of web companies. We look forward to working with them to build the next generation of online music experiences for consumers,” said Nimrod Lev, Founder and CEO of kSolo.com.
“We were attracted to Fox Interactive Media because they quickly grasped our vision to provide web users with a powerful tool set to create decentralized vertical content websites around people's passions and interests,” added Dan Gould and Brian Norgard, Co-founders of Newroo.
Financial terms of the deals were not disclosed. Both technologies will be deployed across relevant sites in the growing FIM Network.
About Fox Interactive Media
With the third largest reach of any Internet company, Fox Interactive Media (FIM) is building an integrated network of sites that offer its more than 70 million worldwide users socially rich media experiences centered on entertainment, news, information and self-expression. The company's network includes Internet assets from News Corp. divisions, including the highly trafficked Foxsports.com, Americanidol.com and Fox.com. FIM also owns and operates such category leaders as MySpace, the number one social networking site on the Web; IGN, a leading gaming and entertainment site; Scout.com, a dynamic collegiate and pro sports network; AskMen, a leading men's lifestyle site, and Rotten Tomatoes, the premier destination for movie-goers, among others.
kSolo.com is the world's first Web based karaoke service, providing users with the opportunity to sing their favorite songs, record their personal performances and send their personalized renditions to their friends. Utilizing proprietary technology and requiring nothing more than a microphone and an Internet connection, the service is available to users anywhere with a connected PC. Members can also send their recordings via email (as a singing eCard) and to webcast their performances for the world to judge. The company recently received first prize at the prestigious Popkomm IMEA awards, held in Berlin, Germany.
About Newroo Inc.
Newroo was founded in 2002 by Daniel Gould and Brian Norgard who attended Brown University together and who wanted to provide users with a powerful tool set to create vertical news-driven websites that found the most important things on the web about their personal passions and interests. The company has developed an intelligent tool that scans the web and finds the most relevant information for users from thousands of websites, enabling them to easily create their own web sites by aggregating and remixing content from third-party websites and blogs.
Fox Interactive Media