NEW YORK, NY AND MOUNTAIN VIEW, CA – October 7, 2008 –
News Corporation (NYSE: NWS, 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, NWS.A; ASX: NWS, 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.
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.
News Corp Contacts:
Investor Relations: Reed Nolte, 212-852-7092
Media Relations: Teri Everett, 212-852-7070
VeriSign Contacts:
Investor Relations: Ken Bond,
ir@verisign.com, 650-426-3744
Media Relations: Lisa Malloy,
pr@verisign.com, 202-270-7600