News Corp finally rid of its unwanted mobile division.
This sell-off has been on the cards for months, as News Corp has hardly made a secret of its desire to sell.
But few would have foreseen Fox being snapped up by Jesta Group, an industrial conglomerate with interests in real estate, hospitality, manufacturing, technology and aviation.
FMG will be renamed and become a part of Jesta Mobile Holdings, and co-headquartered in Berlin, Germany, and Beverly Hills, California.
Terms were not disclosed but it's hard to imagine Fox re-couped the $388m it paid for what was Jamba in 2006.
That deal never really lived up to expectations. Fox, like all other other D2C giants, had to evolve from its ringtone club roots.
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But it was never as successful in B2B as, say, Buongiorno, while its video service and platform Bitpop remains a modest operation.
Indeed, it's probably the remaining D2C units – such as Jamba, Jamster, Mobizzo and iLove – that seem to be the most enduring.
Nevertheless, there is undeniable potential in mobile VAS and content, given the right products and partnerships.
Jesta thinks so. "We believe that mobile entertainment is an important emerging market and we are excited about this acquisition and the opportunities for growth it presents", said Jason Aintabi, president of Jesta Group.
"FMG's unique ten-year history in mobile entertainment services; its stature as a trusted partner with carriers and device manufacturers; and its many successful consumer brands give it a clear advantage in this rapidly developing sector.
We look forward to working with the many talented and dedicated global employees of FMG and to a very bright future for the company and its brands."
