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The Wall Street Journal: Fox Corp. to buy majority stake in Credible Labs for $265 million

The Wall Street Journal: Fox Corp. to buy majority stake in Credible Labs for $265 million

Markets 04 Aug, 2019

Fox Corp. has struck a deal to buy a majority stake in Credible Labs Inc., a marketplace for consumer-lending information, for $265 million, the company said Sunday afternoon.

The San Francisco-based Credible CRD, +5.83%  , which is listed on the Australian market, helps consumers shop for loans for mortgages and schools from financial institutions. 

The $265 million investment will give Fox a 67% stake in Credible. As part of the deal, Fox has also agreed to commit up to $75 million in cash to fund the firm’s operating needs over the next two years. The transaction is expected to close by the end of the year.

Fox Corp. FOX, -0.76%   said the deal is part of its digital strategy which emphasizes direct interactions with consumers. The company also said that Credible will become a resource for its Fox Business Network.

Fox Corp. and Wall Street Journal and MarketWatch parent News Corp NWS, -0.30%   share common ownership.

An expanded version of this report appears on WSJ.com.

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Tags million stake stake buy wall labs street majority fox million journal street corp credible fox
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