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Murdoch sells Beliefnet to investment firm
NORFOLK, Va., (UPI) -- Rupert Murdoch's News Corp. has sold multifaith spirituality Web site Beliefnet to a Norfolk, Va., investment firm, BN Media LLC, the investment firm said.
Terms were not disclosed. About half of Beliefnet's 50 employees are expected to lose their jobs, the Los Angeles Times reported.
News Corp.'s Fox Entertainment Group bought Beliefnet, which is affiliated with no spiritual organization or movement, in December 2007.
It said at the time Beliefnet would distribute content for the group, bolster News Corp.'s other Internet operations and help News Corp. "expand its faith-based businesses, including HarperCollins' Zondervan and HarperOne brands, and 20th Century Fox Home Entertainment's faith-based programming initiative."
It now says Beliefnet, whose site and newsletters have 5.8 million unique visitors a month, no longer fits with its digital strategy and was shopping the site around for several months, the Times said.
BN already had a relationship with Beliefnet through BN's Affinity4 telephone and Internet services business, which donates some proceeds to charities and ministries, and Cross Bridge Media, which distributes religious and inspirational audio-video content online, BN said.
The sale, announced Friday, supports BN's vision of "providing uplifting content and programming that encourages positive thought and action and feeds the soul," BN Chairman Joseph R. Gregory said in a statement.
It will also "enable Beliefnet to effectively continue its mission to be the leading provider of inspiration, spirituality and faith-based online content," Beliefnet General Manager and Chief Operating Officer Beth-Ann Eason said.
Beliefnet has also had partnerships with News Corp.'s Wall Street Journal and "Chicken Soup for the Soul."
Beliefnet co-founder and President Steven Waldman left the company in November to become senior adviser to U.S. Federal Communications Commission Chairman Julius Genachowski.
NORFOLK, Va., (UPI) -- Rupert Murdoch's News Corp. has sold multifaith spirituality Web site Beliefnet to a Norfolk, Va., investment firm, BN Media LLC, the investment firm said.
Terms were not disclosed. About half of Beliefnet's 50 employees are expected to lose their jobs, the Los Angeles Times reported.
News Corp.'s Fox Entertainment Group bought Beliefnet, which is affiliated with no spiritual organization or movement, in December 2007.
It said at the time Beliefnet would distribute content for the group, bolster News Corp.'s other Internet operations and help News Corp. "expand its faith-based businesses, including HarperCollins' Zondervan and HarperOne brands, and 20th Century Fox Home Entertainment's faith-based programming initiative."
It now says Beliefnet, whose site and newsletters have 5.8 million unique visitors a month, no longer fits with its digital strategy and was shopping the site around for several months, the Times said.
BN already had a relationship with Beliefnet through BN's Affinity4 telephone and Internet services business, which donates some proceeds to charities and ministries, and Cross Bridge Media, which distributes religious and inspirational audio-video content online, BN said.
The sale, announced Friday, supports BN's vision of "providing uplifting content and programming that encourages positive thought and action and feeds the soul," BN Chairman Joseph R. Gregory said in a statement.
It will also "enable Beliefnet to effectively continue its mission to be the leading provider of inspiration, spirituality and faith-based online content," Beliefnet General Manager and Chief Operating Officer Beth-Ann Eason said.
Beliefnet has also had partnerships with News Corp.'s Wall Street Journal and "Chicken Soup for the Soul."
Beliefnet co-founder and President Steven Waldman left the company in November to become senior adviser to U.S. Federal Communications Commission Chairman Julius Genachowski.
