Murdoch Gets Religion

"Fox Entertainment Group's vast resources will enable Beliefnet to expand our audience, enhance our offerings and more effectively carry out our mission to help people find and walk a spiritual path that brings comfort, hope, clarity, strength, and happiness," said Steven Waldman, Beliefnet's CEO, editor-in-chief and co-founder.

Beliefnet has around 3 million unique visitors each month and a daily email newsletter that reaches nearly 11 million subscribers. The company is not affiliated with any spiritual organization or movement, and it has partnered with Time Warner's (TWX Quote) Time magazine, Yahoo! (YHOO Quote), and Chicken Soup for the Soul.

Web acquisitions have been popular in the media sector of late, but News Corp. shook up the industry this year with its $5 billion acquisition of Dow Jones (DJ Quote), the publisher of The Wall Street Journal, a deal that is expected to close before the end of the year.

Shares of News Corp. were recently down 41 cents, or 1.9%, to $21.16.