IDT Capital, part of telecommunications firm IDT, has created a new division to develop online and mobile content. The new division, called IDT Internet Mobile Group, will be responsible for “the acquisition, development and incubation of Internet and mobile content”.
As part of this, it has also acquired Norway’s Zedge.net, a mobile content portal and social networking site that allows users to create content and distribute it over mobile devices. The site has about 3.5 million members, the companies said. Financial terms were not disclosed.
Earlier this year, IDT sold its entertainment subsidiary IDT Entertainment to Starz for $186 million. The former CEO of IDT Entertainment Morris Berger is now the CEO of this new digital media group.
Expect some more similar sized acquisitions coming down the pipeline.
Some more details in the release here.
IDT Capital Forms Digital Media Division; Buys Mobile Content Portal Zedge
Summary:
IDT Capital, part of telecommunications firm IDT, has created a new division to develop online and mobile content. The new division, called…
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