The latest in News Corp.’s yearlong divestitures in its digital unit is Fox Mobile Group, which the conglomerate announced Wednesday was sold to Jesta Group. Financial terms of the deal were not disclosed.
The sale of FMG was long anticipated given COO Chase Carey had signaled the company’s intent to find a buyer for the division, which includes brands that haven’t broken through in the mobile space including Mobizzo, Bitbop and Jamster. Layoffs of 15 percent of the staff occurred last month, and key executives had departed the company earlier last year.
FMG will be renamed Jesta Mobile Holdings, and be co-headquartered in Berlin, Germany, and Beverly Hills, California. Jesta is an active investor in a wide variety of fields, including real estate, hospitality, manufacturing, technology and aviation.
FMG concludes what has been a year-long dismantling of News Corp (NSDQ: NWS). Digital Media under chief digital officer Jonathan Miller. Among the assets shown the door earlier this year were Rotten Tomatoes, Photobucket, Beliefnet, and a big chunk of Fox Audience Network. And News Corp. probably isn’t done, with Carey hanging a “for sale” sign on MySpace last month, indicating the social entertainment destination has limited time to turnaround its business.