News Corp. forms Internet division, Fox Interactive Media

Maybe the birth of a new giant in the online news/entertainment industry. According to Reuters, "Media conglomerate News Corp. Ltd. said it has formed a new Internet division to create an online hub for its Fox news, sports and entertainment programing. The debut of Fox Interactive Media comes just three months after Chief Executive Rupert Murdoch's impassioned plea to the newspaper industry to explore new distribution technologies or risk losing the news franchise.

Fox Interactive Media will house News Corp.'s existing sports, news and entertainment Web sites. The company also plans to make "strategic investments" to bolster existing properties. Ross Levinsohn, senior vice president of Fox Sports Interactive Media, was named president of the new Los Angeles-based division... News Corp., like much of the media industry, has struggled to find new ways to reach the next generation of news and entertainment consumers, who are more likely to switch on their PCs or cellphones rather than stay glued to the living room television."

Source: Reuters