NEW YORK, NY and MOUNTAIN VIEW, CA -- (Marketwire) -- 10/07/08 -- News Corporation (NYSE: NWS) (NYSE: NWS.A) and VeriSign, Inc. (NASDAQ: VRSN) today announced the
sale of VeriSign's minority share of the mobile entertainment joint venture
to News Corporation for approximately $200 million.
The joint venture was created when News Corporation acquired controlling
interest in VeriSign's wholly-owned Jamba subsidiary in 2007 and combined
it with the Fox Mobile Entertainment unit.
"This sale is an important step in our effort to focus on our core
businesses in Internet infrastructure," said Jim Bidzos, executive chairman
of the board of directors, president and chief executive officer on an
interim basis of VeriSign. "News Corp. has been a good business partner
and we wish them well as they continue to operate an exciting mobile
entertainment business."
About News Corporation
News Corporation (NYSE: NWS) (NYSE: NWS.A) (ASX: NWS) (ASX: NWSLV) had
total assets as of June 30, 2008 of approximately US$62 billion and total
annual revenues of approximately US$33 billion. News Corporation is a
diversified global media company with operations in eight industry
segments: filmed entertainment; television; cable network programming;
direct broadcast satellite television; magazines and inserts; newspapers
and information services; book publishing; and other. The activities of
News Corporation are conducted principally in the United States,
Continental Europe, the United Kingdom, Australia, Asia and the Pacific
Basin.
About VeriSign
VeriSign, Inc. (NASDAQ: VRSN) is the trusted provider of Internet
infrastructure services for the networked world. Billions of times each
day, VeriSign helps companies and consumers all over the world engage in
communications and commerce with confidence. Additional news and
information about the company is available at www.verisign.com.
VRSNF
Statements in this announcement other than historical data and information
constitute forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934. These statements involve risks and uncertainties that could cause
VeriSign's actual results to differ materially from those stated or implied
by such forward-looking statements. The potential risks and uncertainties
include, among others, the uncertainty of future revenue and profitability
and potential fluctuations in quarterly operating results due to such
factors as increasing competition and pricing pressure from competing
services offered at prices below our prices and market acceptance of our
existing services, the inability of VeriSign to successfully develop and
market new services, and the uncertainty of whether new services as
provided by VeriSign will achieve market acceptance or result in any
revenues and the risk that the planned divestitures of certain businesses
may be delayed, may generate less proceeds than expected or may incur
unanticipated costs or otherwise negatively affect VeriSign's financial
condition, results of operations or cash flows, and the uncertainty of
whether Project Titan will achieve its stated objectives. More information
about potential factors that could affect the company's business and
financial results is included in VeriSign's filings with the Securities and
Exchange Commission, including in the Company's Annual Report on Form 10-K
for the year ended December 31, 2007, Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K. VeriSign undertakes no obligation to update
any of the forward-looking statements after the date of this press release.
