Business Services Industry
Murdoch spends $327m in web spree.
Australasian Business Intelligence, May, 2007
Byline: Joseph Menn
May 31, 2007 (The Sydney Morning Herald - ABIX via COMTEX) -- Rupert Murdoch, executive chair of global mass media group News Corporation, has announced an acquisition. The Fox Interactive Media online division is spending $US270m ($A327m) on two internet businesses. The majority at $US250m will be paid for web images hosting provider Photobucket, and the rest on digital video tools developer Flektor. They are good fits with News's recent major internet acquisition, MySpace. Fox Interactive president Peter Levinsohn notes that user-generated content such as that on MySpace may also become increasingly important for News's more traditional media arms. First published in the "Los Angeles Times".
Publication Date: 1 June 2007...
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