21st Century Fox announced Wednesday it has reached a preliminary agreement to acquire video advertising company true[X] media. Financial terms were not disclosed and the deal is still subject to the completion of a definitive agreement and other customary closing conditions.
true[X] media specializes in consumer engagement and on-demand marketing campaigns with a client list that includes Microsoft, Visa, Apple, Disney, Coca-Cola, Kia, Kraft, Macys, Nestle, and Procter & Gamble. As part of the acquisition, true[X] will remain a stand-alone business while working closely with Fox Networks Group to drive engagement between brands and consumers on Fox’s proprietary digital platforms.
“The connections between brands and consumers have continued to evolve within digital video environments, and true[x] is at the center of this vital area of innovation,” said James Murdoch, Co-COO of 21st Century Fox. “We’re thrilled at the opportunity to have true[x]’s talented team work with us as we set out together to create new experiences in what we believe is a very exciting time in digital video.”
“This puts the true[X] team in an even better position to fulfill our vision and shape the digital video ad industry,” said Joe Marchese, founder of true[X] media. “As a creator and distributor of content, 21st Century Fox’s interests are very much aligned with our mission and vision to build technology to support a thriving digital video marketplace.”
Founded in 2007, true [x] is headquartered in Los Angeles and New York, with offices in Chicago, San Francisco, Atlanta, and Detroit.