Media conglomerate, News Corp, has acquired the spiritual and religious media site Beliefnet late last night in a move to place the company into another fast growing market.
Fox Entertainment Group (FEG), a subsidiary of Rupert Murdoch's News Corp., declined to disclose terms of the Tuesday deal, however stated that the acquisition is a way to expand its reach among another fast-growing community on the internet.
Citing statistics from Pew Internet Project, News Corp said interest in faith and spirituality has surged, leading to a strong and expanding market, with more than 82 million Americans turning to the Internet faith related content.
FEG's goal is to leverage [BeliefNet's] characteristics across a broader media canvas and provide programming, production, advertising sales, technology and marketing expertise that will enhance an already terrific product in a rapidly growing market, said Dan Fawcett, president, Fox Digital Media.
As part of the acquisition, Beliefnet is also partnering with Fox Interactive Media, a portfolio of social networking sites - including Myspace - entertainment, sports and information sites.
Beliefnet, claims 3.1m monthly visitors and features information and devotional tools on nearly every major religion, including Christianity, Islam, Judaism, Hinduism, Sikhism, Scientology, Mormonism and pagan and Earth-based religions.
It last month launched a new social networking initiative.