Rupert Murdoch’s 21st Century Fox to buy digital video advertising company True[X]

21st Century Fox, the US entertainment company controlled by Rupert Murdoch, yesterday announced that it would acquire digital video advertising company True[X], in order to grab a pie in the $65 billion TV advertising market.

21st Century Fox did not disclose the financial terms of the deal, but several media reports said that the transaction was concluded for $200 million.

Founded in 2007 as SocialVibe, True[X] offers online publishers and advertisers a marketing platform for premium content in digital and on-demand environments.

The Los Angeles and New York-based company offers its services to a wide range of television clients, as well as streaming music and video companies such as Pandora and DramaFever, among others. 

Its clients are many of the world's top consumer brands, including Microsoft, Visa, Apple, Disney, Coca-Cola, Kia, Kraft, Macys, Nestle, and Procter & Gamble, among others. 

True[X] has raised a total of nearly $50 million in funding from investors including Redpoint Ventures, Jafco Ventures, Pinnacle Ventures, and Norwest Venture Partners, according to CrunchBase.

James Murdoch, son of Rupert Murdoch and Co-COO of 21st Century Fox, had earlier this year joined the True[X] board.

''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. 

As part of the acquisition, True[X] will work closely with Fox Networks Group to drive engagement between brands and consumers on Fox's proprietary digital platforms.