SYDNEY: US broadcaster Fox Corp on Monday agreed to buy Credible Labs Inc in a deal valuing the online finance broker at $397 million, as the Murdoch-controlled firm hunts for growth following the sale of its film and TV assets to Disney.
In a challenging media landscape, the San-Francisco-based Credible Labs, listed on the Australian Stock Exchange, gives Fox exposure to an online service that matches personal borrowers and lenders seeking to service the $1.6 trillion a year US mortgage market.
“The acquisition of Credible underscores Fox Corporation’s innovative digital strategy that emphasises direct interactions with our consumers,” Lachlan Murdoch, Fox Corp’s executive chairman and chief executive, said in a statement.
Credible’s online platform provides credit checks to borrowers seeking mortgages and student and personal loans, and uses that information to show them pre-qualified loan rates and refinancing options that they can click through to obtain.
The fintech company had synergies with FOX Business and FOX Television businesses and would join its FOX Sports app, live and on demand content and FOX Now, Fox said, which would help both companies to grow. — Reuters
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