I think I will just post this, while watching Beliefnet for more information. Sit down, folks.
FOX ENTERTAINMENT GROUP ACQUIRES BELIEFNET
World's Largest Spiritual Web Site Joins News Corporation Family
Fox Digital Media to Oversee Business as Part of Expanded Role
Los Angeles, CA, December 4, 2007 -- Fox Entertainment Group (FEG) today announced its acquisition of Beliefnet, a Web site that enables consumers to better understand their faith and build diverse spiritual communities by providing content and tools for a broad range of religions and spiritual approaches. Beliefnet, the largest online faith and spirituality destination, will become part of Fox Digital Media, spearheaded by President Dan Fawcett, which takes on an expanded role to support FEG's vast cable, TV and film brands online, and drive FEG's continued growth in the online market.
The acquisition provides Beliefnet with vast resources to further build and enhance its already popular brand. It also offers an online platform for FEG to distribute content from its extensive media library and for News Corp. to expand its faith-based businesses, including HarperCollins' Zondervan and HarperOne brands, and 20th Century Fox Home Entertainment's faith-based programming initiative.
Additionally, Beliefnet will provide unique, world-renowned spiritual programming to the company's various businesses. Beliefnet will also partner closely with Fox Interactive Media, leveraging the group's world-class technology and "FIM Serve" targeted advertising delivery platform.
"Beliefnet has garnered respect for its commitment to quality, editorial strength and unbiased approach to faith and spirituality from a broad range of consumers, religious and political leaders, journalists and advertisers," said Dan Fawcett, President of Fox Digital Media. "FEG's goal is to leverage these 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."
Beliefnet provides devotional tools, access to the best spiritual teachers in the world, thought-provoking commentary and a portfolio of Web-based social networking tools to enable a supportive community surrounding each person's unique spiritual principles and beliefs. Its insightful and compelling editorial content has been consistently recognized by the American Society of Magazine Editors and the site has received numerous general excellence awards. Beliefnet strives for political and ideological balance and is not affiliated with any spiritual organization or movement.
"FEG's vast resources will enable Beliefnet to expand our audience, enhance our offerings and more effectively carry out our mission to help people find and walk a spiritual path that brings comfort, hope, clarity, strength, and happiness," said Steven Waldman, Beliefnet's CEO, Editor-in-Chief and Co-Founder.
Savvian LLC advised Beliefnet on this transaction. Financial terms were not disclosed.
The Faith and Spirituality market is strong and continues to grow. According to the Pew Internet Project, over 82 million Americans and 64% of all Internet users utilize the Web for faith-related matters. In addition, a division of Marketresearch.com put the demand for religious and spiritually-oriented materials like books, DVDs, software, etc. at well beyond $8 billion.