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News Corp in spends $580m on internet company

Discussion in 'General Discussions and Lounge' started by temi, Jul 19, 2005.

  1. temi

    temi Facilitator Webmaster

    Rupert Murdoch and his family own almost 30% of News Corp
    News Corp, the company run by media mogul Rupert Murdoch, has made one of its first major internet purchases.
    It has bought Intermix Media, owner of Myspace.com, the fifth most-viewed internet domain in the US and owner of other sites for $580m (£332.85m).

    Mr Murdoch says the networking site will drive traffic to his Fox TV sites.

    source/full story: http://news.bbc.co.uk/1/hi/business/4695495.stm
  2. Robster

    Robster Guest

    I think the figure paid for it shows how much of a success myspace is, having grown mostly organically just by being a good idea. Its a shame he's sold it coz I think its nice when stuff like that stays independent. On the news report I read Murdoch/Fox said the main reason for the purchase was to use myspace to drive traffic to Fox sites which suggests that myspace may gradually go downhill.
  3. Paul_KY

    Paul_KY New Member Webmaster

    Whatever Rupert Murdoch touches, turns to gold. Just look at the success he's has with Fox News. Watch this investment blast off, also.

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