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Monday, September 12, 2005

News Corp seeking to create an "entertainment Google"

Last week News Corp bought IGN Entertainment, an Internet game and entertainment site, for US$ 650 million. As the New York Times reports the deal "underscored just how serious - one of his executives says 'obsessed' - the chairman, Rupert Murdoch, is about replicating in cyberspace the kind of power he has in media arenas like British newspapers, Hollywood and cable television news." The deal is the third within the last seven weeks: The company recently bought Intermix Media Inc., owner of MySpace.com (see previous posting) for US$ 580 million and Scout Media Inc., which has more than 200 sports web sites, for US$ 60 million. As The Guardian reports, the deals give News Corp 70 million users and 12 billion page views per month: "That catapults it into the fourth-largest internet firm in the world by page impressions, behind Yahoo, Time Warner and MSN."

Last weekend Rupert Murdoch gathered his "leading lieutenants for two days of private discussions on what he has described as the company's highest priority: how to grapple with the threat and opportunity of the internet to the media empire he has spent a lifetime building", reports The Guardian. The debate was on how to transform the company's web properties into a "hub for entertainment-related content." According to The Guardian one insider called the strategy "an attempt to create an entertainment Google - a one-stop shop for all those looking for computer games, movies, music or chat online." It was the second summit on the topic after one in February. (For details of the summit see article in The Guardian)

Sources: New York Times, The Guardian

Posted by Anna-Maria Mende on September 12, 2005 at 05:58 PM in h. Young readers / New readers, n. Online strategies, r. Revenues and business models | Permalink

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