Murdoch Invested Biggest Amount Ever in Virtual Reality

Murdoch Invested Biggest Amount Ever in Virtual Reality

James Murdoch, the heir to billionaire media magnate Rupert Murdoch, has added the most significant reported investment yet to his closely watched portfolio: a bet on the virtual-reality supplier known as the Void LLC.

Murdoch has invested $20 million within the business, based on an individual familiar with the transaction. He’s additionally taken a seat on the board, mentioned the person, who asked not to be recognized as a result of the matter isn’t yet public. He joins a high-profile list of traders, together with Fidelity Management, Qualcomm Ventures, and Walt Disney Co.

The corporate, based in Lindon, Utah, operates interactive entertainment experiences in 11 cities around the world. Clients don goggles and a backpack to immerse themselves in stories such as “Star Wars: Secrets of the Empire,” which prices about $35.

The Void got a brand new chief executive officer in August when board member Craig Watson took the helm following the departure of Cliff Plumer. Former Lululemon Athletica Inc. CEO Laurent Potdevin additionally has been serving as a senior adviser to the corporate for a couple of years, in response to two folks familiar with the matter. The executive didn’t reply to an emailed request for comment.

Potdevin hasn’t been identified publicly as having a job on the firm, although he has taken to Twitter and YouTube to tout the Void’s product. Potdevin resigned from Lululemon in February 2018 under a cloud of misconduct allegations. Although the corporate was vague in regards to the behavior, it signaled that unprofessional dealings with workers became an issue.

Void Chief Financial Officer Jeff Ruggels, meanwhile, is leaving the corporate in a long-planned move, one of the people stated.

Maryann Lucas

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