News Corporation’s Australian division has acquired a series of parenting and child-related blog sites headed by Kidspot.
The online start-up was launched by Katie May six years ago for a mere AU$30,000 (£19,800). She is now understood to own around 30% of the business.
News Limited chief John Hartigan described the acquisition as a transformational deal that “makes us the leading player in the highly valuable online parenting market.
“The fact that Kidspot alone accounts for around 10% of the total online FMCG advertising market… shows the strength and potential of the business.”
Source: News Digital Media
This article originally appeared in MediaGuardian.