News Corp. sells Beliefnet to BN Media

News Corp. sold Beliefnet, a multi-faith spirituality website it purchased two-and-a-half years ago, to an investment group on Friday.

The sale of Beliefnet, which was acquired in December 2007 by Rupert Murdoch's Fox Entertainment Group, was announced by its new owner, BN Media.

Terms of the transaction were not disclosed.

BN Media describes itself as a company with a mission to "serve the vast online market for spirituality and inspiration."

BN Media has investments in Affinity4, a marketer that raises funding for charities, ministries and other non-profit organizations, and Cross Bridge, which offers online distribution of audio-video content for non-profits and charities.

Founded in 1999, Beliefnet says it is the leading multi-faith inspiration and spirituality site on the Web.

Beliefnet, which is not affiliated with any single spiritual movement, has more than 14 million subscribers to its newsletter and averages nearly three million unique visitors a month to its website, Beliefnet.com.

BN Media chief executive Steve Halliday said BN Media was interested in Beliefnet's "high-quality content, tremendously loyal community and its well-established brand."

Belief has a reputation for providing "high quality, diverse inspirational content reflecting a myriad of cultures, religious beliefs and secular philosophies," Halliday said in a statement.

Beliefnet general manager Beth-Ann Eason said the acquisition "will enable Beliefnet to effectively continue its mission to be the leading provider of inspiration, spirituality and faith-based online content in a multi-faith environment."

News Corp. also owns social network MySpace, which it bought in 2005 for 580 million dollars.

(c) 2010 AFP