News Corp. is paying $200 million in cash to buy out its partner in mobile-content joint venture Jamba.
VeriSign decided to sell its stake in the provider of ringtones and games in order to refocus on its core business of Internet infrastructure.
The joint venture was created in 2007, when News Corp. paid $188 million for a controlling interest in VeriSign's wholly owned Jamba subsid. VeriSign bought Jamba for $273 million in 2004.
The initial joint venture agreement included an option for News Corp. to acquire the remainder of Jamba, so the deal had been contemplated long before the current financial crisis.
Amid another turbulent session Tuesday, News Corp. shares closed down 6.3% at $10.12 on Tuesday.
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