Market Overview

21st Century Fox To Acquire A Minority Stake In Virtual Reality And Smartglasses Manufacturer

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Twenty-First Century Fox Inc (NASDAQ: FOXA) announced on Tuesday it has entered into a preliminary agreement to acquire a minority stake in ODG.

ODG is a leading augmented and virtual reality and smartglasses designer and manufacturer.

Upon completion of the investment, 21st Century Fox will become the principle outside investor in ODG. In addition, the two companies intend on commencing a strategic partnership that combines ODG's technologies with 21st Century Fox's content.

"The power of virtual and augmented reality enables us to deliver on our longstanding commitment to bring audiences exciting new creative experiences fueled by next generation technologies," said Jim Gianopulos, Chairman and CEO of 20th Century Fox Film, a unit of parent company 21st Century Fox. "Our agreement with ODG underscores the innovation we are bringing to market through our Fox Innovation Lab, most recently with VR experiences for The Martian and Wild."

Shares of 21st Century Fox were trading lower by 0.3 percent at $26.52 Wednesday morning.

 

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Posted-In: Augmented Reality Jim Gianopulos ODG smartglasses Twenty-First Century FoxM&A News Tech

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