Thursday, August 11, 2005
Murdoch's magic online number is 1 billion
Although he missed the boat on the first wave of Internet investment in the late 90's, Rupert Murdoch seems to be making up for it in spades. The Guardian reports that media mogul's News Corp is to invest USD 1 billion in Internet holdings with plans to further spread its digital reach. Since his spring speech to the American Society of Newspaper Editors declaring the future of media to be online, Murdoch has been aggressively putting his money where his mouth is, meeting with News Corp executives to discuss online strategies, forming Fox Interactive Media as a roof for its Internet holdings and purchasing Intermix Media which came with the added benefit of a popular networking site for the younger crowd. Now, Murdoch says he has additional plans to buy an Internet search engine. With Internet advertising skyrocketing and more and more people moving online, it's highly doubtful that such investments will significantly cut into News Corps' lofty profits. Even with Lachlan out of the picture, the move to digital means the Murdoch's are not going away any time soon.
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Thanks for pointing that out and for the link. I should edit myself more closely.
Posted by: john at Aug 16, 2005 9:44:13 AM
BTW, his speech wasn't to the Newspaper Association of America -- it was to the American Society of Newspaper Editors. Details here including link to the full text.
Posted by: SBAnderson at Aug 12, 2005 3:19:38 PM