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Author Topic:   News Corporation
NEWSFLASH
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posted May 03, 2007 09:28 AM     Click Here to See the Profile for NEWSFLASH   Click Here to Email NEWSFLASH     Edit/Delete Message   Reply w/Quote
We've been putting News Corp headlines in the Fox folder for so long - it's time to fix that.

Here is your News Corporation thread for all things Rupert.

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NEWSFLASH
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posted May 03, 2007 09:28 AM     Click Here to See the Profile for NEWSFLASH   Click Here to Email NEWSFLASH     Edit/Delete Message   Reply w/Quote
Murdoch May Add Wall St. Journal to Media Empire


Rupert Murdoch clearly had his plans for launching a Fox Business Channel in mind when he offered $5 billion -- representing a massive 67-percent premium -- to buy the Wall Street Journal and its other businesses Tuesday. Interviewed by Neil Cavuto on Fox News Channel Tuesday, Murdoch said that the acquisition would "help" the new channel. "We just want to have a business channel that lives up to the quality and traditions of the Wall Street Journal," he said. "If we could do that, we would do very well." Reminded that rival CNBC already has an exclusive deal in place with the WSJ that remains in effect through 2012, Murdoch observed that the Journal's editors also appear on Fox News every weekend. "We think there is plenty of room for us all to work together." Today's (Wednesday) Los Angeles Times cited sources close to GE, which owns CNBC, as saying that the CNBC-WSJ contract remains binding even in the event of a takeover. However Derek Baine of Kagan Research told the newspaper that Murdoch is prepared to wait another five years if necessary to bring the Journal fully into the Fox Business Channel fold, because he "is a real long-term planner." Ironically, news of Murdoch's bid was first reported Tuesday, not by Fox News Channel, but by David Faber on CNBC.

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indiedan
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posted May 04, 2007 05:49 PM     Click Here to See the Profile for indiedan   Click Here to Email indiedan     Edit/Delete Message   Reply w/Quote
COVER STORY
By Tom Lowry, Ronald Grover and Jon Fine

Crazy Like A Fox
Murdoch's bid to get his hands on The Journal may seem foolishly pricey, but he's got his reasons. Inside Murdoch's surprise attack on Dow Jones



COVER STORY PODCAST


Listen to Rupert Murdoch ruminating about The Wall Street Journal barely three months ago: "I'm worried about it," the News Corp. CEO told BusinessWeek. "I'd do something different to what they have done.... I think The Journal's opportunity is that it has a wonderful brand and that it could really go after The New York Times on significant world and national news. This is me theorizing about it. I don't think we'll ever get it. I don't think they'll sell it."


Slide Show >>Talk about lulling a target into a false sense of security. Stunning the entire reporting staff of the Journal, as well as the usually-plugged-in worlds of private equity and public media companies, Murdoch confirmed on May 1 that he was offering $60 a share for The Wall Street Journal's parent, Dow Jones & Co. (DJ ) Carrying a trade-halting premium of 66% over the stock price at the time of the bid, the $5 billion offer was calibrated to make it excruciatingly difficult for Dow Jones' controlling shareholders, the Bancroft family, to turn it down. Murdoch knew that even the most richly endowed private equity houses would have a hard time matching the bid, focused as they are on quick returns—never really an issue for Murdoch.

And the timing was classic Roop. Longtime Dow Jones CEO and Murdoch pal Peter Kann had just left the board. Kann's successor, Richard Zannino, 15 months into his tenure, "has done a good job of engineering a turnaround," says John Linehan, a fund manager at T. Rowe Price, which owns 15% of Dow Jones' outstanding shares. "The trajectory is favorable, and Rupert saw that. You'd rather make the bid early, rather than late in the game."

Still, $60 a share for a company that some media watchers figure was fully valued at $36. Why would the wily Australian-born mogul be willing to pay so dearly for a print-heavy company at a moment when newspapers are losing readers and advertisers? The answer takes you into a very Murdochian world that combines legacy, a quest for respectability, and an unerring instinct for what's at the heart of business and economic power.

Murdoch, 76, has long evinced a talent for peering around corners. That has allowed him to build a global media empire that encompasses newspapers, satellite television, the Web, a movie studio, and book publishing. Last year, News Corp. generated $2.3 billion in net income on $25.3 billion in revenues, both up nicely from the previous year. The company has amassed an $5.4 billion cash hoard—a nice thing to have when the boss is in an acquisitive mood.

Today, Murdoch sees a globalized world where financial information is the coin of the realm. The 2005 acquisition of MySpace signaled a late-life conversion to the power and possibilities of the Web. And each morning as he read The Wall Street Journal, Murdoch dreamed of exploiting the newspaper's high-caliber business journalism and deploying it to nourish his online, satellite, and television properties, which this autumn will include the Fox Business Channel. "Rupert wakes up in the morning and thinks about how he can change the media world and where there are white spaces," says Peter Kreisky of Boston-based Kreisky Media Consultancy. "He had a plan that made [the Dow Jones] assets worth more than they would in just about anyone else's hands."

Then there are the personal reasons. Murdoch mostly owns low- and middle-brow media properties—from the New York Post to Fox News. How satisfying to have in his hands the most respected business newspaper in America, whose editorial page meshes neatly with his own world view. What's more, Murdoch believes he and his organization have a role to play in shaping the debate on the world's pressing issues. He has strong views on taxes, war, domestic and foreign policy, and more. Murdoch has built his empire, in part, by assiduously courting the powerful. The Journal could be an invaluable tool of influence.

From the very start, Murdoch has been more consumed with vision than numbers. Chastised by Wall Street for most of his business life for taking on debt and giving short shrift to investors, Murdoch's modus operandi has always been straightforward: find places where entrenched rivals have grown lazy or where the more timid fear to tread.

In the 1980s, Murdoch was eager to take on the then-Big Three TV networks. With typical bravado and an almost pathological disregard for risk, Murdoch hooked up with junk bond king Michael Milken and in 1985 plunked down a then-hefty $2 billion-plus to buy seven TV stations in major markets. The outsize leverage contributed to a near-death experience for News Corp., which five years later came close to going under. But the company survived, and Murdoch's instincts proved prescient. His Fox network, launched in 1986, carried edgy programming that appealed to young viewers and gave the established networks agita. Not long after, Murdoch once again confounded his critics by paying more than $1 billion to steal from CBS the rights to show National Football League games on Sundays.

Murdoch—keen as always to influence public discourse—sensed a profound displeasure among middle-Americans with establishment TV and the way the cognoscenti cover politics. So he created an entirely new TV vernacular with Fox News, which zoomed past CNN in the ratings and has had an outsize influence on U.S. politics ever since.

NOBODY'S PERFECT
Occasionally, Murdoch's crystal ball has failed him. In the late 1990s he became enchanted by the potential that a TV could do more than just beam shows into living rooms. The idea that the average Joe could somehow interact with his Sony Trinitron, ordering clothes or a pizza with a click of his remote, intrigued him so much that he allowed himself to be sweet-talked by another media mogul: John Malone. A titan of TV distribution in his own right, Malone convinced Murdoch to merge News Corp.'s TV Guide holdings with the little-known Gemstar International. The firm made electronic guides to help cable subscribers scroll through channels. It was one of Murdoch's rare flops. Not only was the idea way ahead of its time but Gemstar's stock collapsed amid accusations of accounting irregularities. In 2002, News Corp. took a $6.1 billion writedown on that investment.

If one trait defines Murdoch, it is a willingness to walk away. Consider his brief flirtation with satellite TV in the U.S. Having bought a 38% stake in DirecTV in 2003 as a way to distribute his shows and avoid being beholden to the cable companies, Murdoch did an about-face three years later, agreeing to sell the stake when it became clear that the Web was the platform of the future.

By then, Murdoch had paid $580 million for MySpace, a price that had jaws dropping among his fellow moguls in Old Media. But Murdoch, who was counseled on the deal by son James, saw the social-networking site as a key promotional vehicle for Fox's properties—from The Simpsons to X-Men—to MySpace's young members. On top of that, Murdoch's competitive juices were flowing: Early on, the News Corp. CEO told associates, he intended to beat Viacom and its octogenarian Chairman Sumner Redstone, who had also expressed an interest in the site. In the end, Murdoch had even his doubters believing, especially after Google offered $900 million over three years to provide its search services to MySpace.

As he recognized the opportunities online and felt a clear void in his global empire where business news should be, Murdoch last year began reconsidering a move on Dow Jones. The Journal's redesign that rolled out last fall bothered him, as did a strategy to put breaking news stories online rather than in print. In Murdoch's view, shorter news stories are what create excitement and urgency for readers.

For a while, Murdoch largely kept his Journal appetites to himself. He didn't consult his inner circle, which includes President and COO Peter Chernin, CFO David DeVoe, and Roger Ailes, who heads Fox's news operation and is a conservative Murdoch soulmate. Nothing surprising there. When it comes to big moves, Murdoch keeps his own counsel. The decision to go after Dow Jones, says one intimate, "was pure Rupert. He came in one day [in April] and said, 'It's time." He then consulted with Robert Thomson, editor of the Times of London and a fellow Aussie, who some suggest may end up running the Journal.

Murdoch, who had watched the long, tortuous sale of the Tribune Co., told DeVoe he wanted a knockout bid. "Family owners are never easy to deal with," says a Murdoch associate—no small irony there. "And Rupert wanted to scare off potential private equity bidders."

While a bidding war could still erupt, few on Wall Street or in media circles believed such a thing will come to pass. "I thought Dow Jones was fully priced at $36," says Norman Pearlstine, a former managing editor of The Wall Street Journal and now a senior advisor to the private equity firm Carlyle Group. "It would be awfully expensive for anyone to take a look at it. We're all just saying, 'Wow!"

'THINK ABOUT IT'
Murdoch's next chore will be trying to identify sympathetic and persuadable members of the Bancroft family, which holds voting control of the company. On May 1 director and family representative Michael B. Elefante stated that a Bancroft bloc with the shares to turn down the bid would vote to do so. Governance experts say that in a company with a dual-stock structure, there's little legal recourse for investors if the family spurns News Corp.'s advances. But the family does not vote monolithically and has a history of harboring dissenters. Moreover, time and again Murdoch has shown willingness to pay up for assets he craves. "There is plenty of time," he told Fox's Neal Cavuto. "And we just take it calmly and hope that they will take it calmly and think about it."

Assuming Murdoch wins over the Bancroft family and gets his hands on Dow Jones, what happens now? Murdoch isn't offering many clues right now, but you can see one easy move would be to share Journal and Dow Jones Newswires stories with his more than 175 newspapers, both in print and online; perhaps launch Journal-branded TV programs through his various channels across the globe. Or why not even brand his new cable-TV business channel with a powerful name—Wall Street Journal TV? Some suggest he might even seek other acquisitions in financial information. Consultant Kreisky and a former News Corp. executive both believe in time he may even make a run for the London-based Financial Times to create an even stronger worldwide presence.

Digitally, both online and through video-on-demand on TV, Murdoch may tailor financial information for investors, particularly using Dow Jones' Barron's publication, the newswires, and its Factiva database. What's more, Dow Jones' higher-end readership could be exploited by a recent acquisition made by Fox Interactive Media, a behavorial tracking firm that helps point advertisers to certain groups with particular habits and tastes. "Rupert is already putting the pieces together to make a huge online advertising play," says Ken Doctor, a lead analyst with newspaper consultancy Outsell Inc. "If he gets Dow Jones, he would have one of the last missing pieces [in terms of audience]."

Meanwhile, Murdoch has opportunities in print as well. The Journal now gets about half as much ad revenue per copy as The New York Times, according to Deutsche Bank. But by combining Dow Jones' properties with his own, Murdoch will have the opportunity to "sell really compelling cross-platform packages, which are in vogue with advertisers," says Maggie Knoll, a senior partner and print director at MindShare, a WPP Group-owned media planning firm. "This could provide advertisers with access to powerhouses across all types of media. Within the business sector, there's nobody like that." She said it would be fair to compare what Murdoch would be able to offer in business to what ESPN offers in sports.

Murdoch believes he has another 20 years in him; after all, his mother just turned 98. "I expect to be running this company as long as I still have my marbles," he told BusinessWeek last year. But the succession issue can't be brushed aside. Most people believe one of the three children from his second marriage will inherit the throne.

Which one has been the subject of lively debate for years—including around the Murdoch Thanksgiving table. Eldest son, Lachlan, 35, still a News Corp. director, bolted from the company two years back after he knocked heads with Ailes, say News Corp. insiders. Most bets are on James, 34, who runs the BSkyB satellite TV business in Britain and is said to be very much in the mold of the old man. The wild card is Murdoch's current wife, Wendi Deng, who has two young children with the mogul and could complicate the succession should her husband suddenly die.

You can be sure Murdoch is not dwelling on such matters. He's got an acquisition to get done and a digital future to build.

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NEWSFLASH
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posted May 07, 2007 05:56 PM     Click Here to See the Profile for NEWSFLASH   Click Here to Email NEWSFLASH     Edit/Delete Message   Reply w/Quote
'Spidey 3' captures record $151 mil in three days
Redefining the definition of a blockbuster, "Spider-Man 3" leaped from one boxoffice record to another during the weekend, ensnaring an unprecedented $151.1 million in North America according to final figures released Monday. It easily catapulted past the previous record holder for an opening weekend, "Pirates of the Caribbean: Dead Man's Chest," which bowed to $135.6 million in July. On its opening day Friday, Sony Pictures' "Spider-Man" grabbed $59.3 million, setting a single-day record by outdistancing the previous record of $55.8 million, also held by "Dead Man's Chest." With international returns amounting to an estimated $227 million, the worldwide purse for the high-flying sequel already stands at $378 million. While Sony has officially pegged the movie's budget at $258 million -- bystanders have speculated that it is even higher than that -- the record-shattering bow set the PG-13 film from director Sam Raimi on course to become one of the biggest-grossing films of all time.

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indiedan
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posted May 08, 2007 01:52 PM     Click Here to See the Profile for indiedan   Click Here to Email indiedan     Edit/Delete Message   Reply w/Quote
Murdoch Wins in WSJ Deal -- Even If He Loses: Ailes

Even if he fails to acquire the Wall Street Journal, Rupert Murdoch's attempt to do so sends a message to the industry "that we intend to play" with the Fox Business Channel, Fox News Chairman Roger Ailes has told TVWeek. "If he's going to go into the business news world, why not take a look at the premier brand of business journalism? He sets a high standard," Ailes observed. He acknowledged that the Bancroft family, which owns a controlling interest in the Dow Jones Co., the company that publishes the Journal, was likely to vote against a deal. "There appears to be enough votes against it," he said. Nevertheless, by going after the Journal, Murdoch demonstrates that he's not "going to take business news lightly. ... It shows everybody he's fully engaged and intends to win." [Newsweek business columnist Alan Sloan wrote on Monday: "I hope Murdoch doesn't get control of the Wall Street Journal, but I think he will. Some Bancrofts seem willing to sell, and my bet is that Murdoch can prevail by raising his bid a bit and luring a few more family members to his side."

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HollywoodProducer
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posted May 09, 2007 04:58 PM     Click Here to See the Profile for HollywoodProducer   Click Here to Email HollywoodProducer     Edit/Delete Message   Reply w/Quote
News Corp. Posts 6.2% Rise in Net, Led by Movie Unit's Performance; Murdoch Calls Unsolicited $5 Billion Offer For Dow Jones 'Full and More Than Fair'
News Corp. reported higher fiscal third-quarter earnings driven by booming film-studio profits, as company Chairman Rupert Murdoch called his proposed purchase of Dow Jones & Co. a "perfect fit" with News Corp.'s existing operations. Speaking on a conference call with analysts and reporters, Mr. Murdoch gave few details about what he might do should Dow Jones, the owner of the Wall Street Journal, accept his unsolicited $5 billion bid for the company other than noting that each company "can benefit greatly from being part of the same whole." "As you have seen from our earnings, we have the ability to leverage our assets and expertise in every market, in every business line and in every medium to provide strong growth platforms for any business within the News Corporation family, most especially a company with strong and powerful potential as Dow Jones," Mr. Murdoch said. He added that News Corp's $60 a share offer was "a full and more than fair price." The bid has drawn opposition from many members of the Bancroft family and at least two former executives, including recently retired Chairman Peter Kann. On the company's earnings conference call, Mr. Murdoch indicated he still held out hope the Bancroft family would come around to his way of thinking. There has been speculation that the family's resistance so far could prompt Mr. Murdoch to raise his offer. Mr. Murdoch said he would have preferred to negotiate the offer in private, as "that was the manner in which we submitted it." News of the offer leaked and CNBC first reported it last week.Mr. Murdoch declined to go into greater detail about the offer, saying he wanted to respect the privacy of the Bancroft family as it considers the offer. News Corp. executives said the company had the capacity to both acquire Dow Jones and continue to repurchase News Corp. shares News Corp. reported net income of $871 million, or 27 cents a share, for the quarter ended March 31. Year-earlier net income was $820 million, or 26 cents a share. Revenue for the company, which owns Twentieth Century Film Studios, Fox News Channel, and newspapers in Britain and Australia and Internet properties like MySpace, increased 21% to $7.53 billion. Much of the growth came from the media conglomerate's film segment, where operating income surged 82% to $410 million on 30% higher revenue. Among the contributors to growth was the hit film "Night at the Museum," which has sold $250 million in tickets in the U.S. and more than $570 million globally. DVD sales of "Borat," "The Devil Wears Prada" and "Ice Age: The Meltdown" also helped the segment. Television earnings fell 4.5% despite 16% higher revenues as better results at Fox Broadcasting Company were more than offset by continued weakness at its MyNetworkTV, which News Corp. created as a prime-time replacement for its former UPN affiliates. Cable network revenue rose 19%, with the profit growth led by gains at Fox News Channel, FX and its U.S. and international sports channels.Mr. Murdoch noted strength at the SKY Italia satellite-TV service, ratings gain at Fox and said that the company's Fox Interactive Media unit, which includes MySpace, was on track to meet its year revenue goals of $500 million.Newspaper earnings rose 2% to $156 million on an 11% revenue increase as strength in Australia was offset by U.K. weakness.News Corp.'s bid for Dow Jones comes amid a turbulent time for the newspaper business, as readers and advertisers increasingly flock to the Internet. Mr. Murdoch has long coveted The Wall Street Journal, and said last week that he would be interested in utilizing the newspaper for his upcoming Fox Business Channel, to launch before the end of this year.News Corp. President Peter Chernin said he was confident in the company's plans for Fox Business Channel, even if the Dow Jones bid fails. Mr. Chernin said the new channel would aim to cover "the full range of business," from small business to personality profiles, as opposed to focusing only on the stock market.

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N F S I 2
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posted May 15, 2007 03:19 PM     Click Here to See the Profile for N F S I 2   Click Here to Email N F S I 2     Edit/Delete Message   Reply w/Quote
Murdoch Promises Editorial Independence of Wall St. Journal


Rupert Murdoch has stepped up his efforts to convince the Bancroft family -- which owns The Wall Street Journal and the Dow Jones News Service -- that he intends to foster the editorial independence of the Journal. In a letter to family members, Murdoch said, "Any interference -- or even hint of interference -- would break the trust that exists between the paper and its readers, something I am unwilling to countenance." He made no mention of how the paper might interact with a Wall Street Journal Channel, the name he has said he intends to give to his planned Fox Business Channel if his takeover of the newspaper succeeds. Some analysts forecast that Murdoch's letter -- his third to the shareholders -- would hold sway with members of the Bancroft family. Richard Dorfman, managing director of Richard Alan Inc., an investment firm that focuses on the entertainment business, told Bloomberg News: "The pressure will build. My guess is: He will get the company." Entertainment media analyst Hal Vogel put Murdoch's chances of winning at "better than 50-50."

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NEWSFLASH
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posted May 24, 2007 09:36 AM     Click Here to See the Profile for NEWSFLASH   Click Here to Email NEWSFLASH     Edit/Delete Message   Reply w/Quote
Murdoch Bid for Wall St. Journal Still Alive


Just when it was being reported that Rupert Murdoch had encountered a stone wall in his effort to meet with the family that owns the Dow Jones Co., publishers of the Wall Street Journal, to discuss his $5-billion bid for the company, the Journal reported today (Wednesday) that the family plans to meet today to discuss the offer. According to the Journal's report, the family may also discuss the possibility of looking for other possible buyers. But the newspaper observed that Murdoch appears determined to acquire Dow Jones and would likely best any other offer for it. Murdoch has said that he would rename the as-yet-unlaunched Fox Business Channel the Wall Street Journal Channel if he acquires the company.

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NEWSFLASH
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posted June 03, 2007 07:14 PM     Click Here to See the Profile for NEWSFLASH   Click Here to Email NEWSFLASH     Edit/Delete Message   Reply w/Quote
Murdoch May Land WSJ After All
After at first rejecting out of hand Rupert Murdoch's bid for Dow Jones & Co., publisher of The Wall Street Journal, the Bancroft family, which owns the company, said Thursday that they would consider Murdoch's bid as well as others from potential buyers. In a statement, the family said that they had agreed to meet with Murdoch to discuss his bid but that they would insist on preserving and protecting the Journal's editorial independence. They also indicated that their talks with Murdoch might not necessarily lead to negotiations with him. Murdoch has indicated that he intends to rename his projected Fox Business Channel the Wall Street Journal Channel if the deal is completed. In reporting the Bancroft family's change of heart, the Wall Street Journal itself observed in its lede: "Dow Jones & Co.'s 125-year history as an independent media company could be nearing an end."

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HollywoodProducer
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posted June 04, 2007 10:08 AM     Click Here to See the Profile for HollywoodProducer   Click Here to Email HollywoodProducer     Edit/Delete Message   Reply w/Quote
2 amateur video sites snapped up
News Corp.'s Web unit buys Photobucket and Flektor, a boon for the firm's prized MySpace.
By Joseph Menn
Times Staff Writer

May 31, 2007

News Corp.'s Internet division plunged further into the fast-growing world of amateur video Wednesday, buying two young companies for a combined $270 million.

Fox Interactive Media spent about $250 million for Photobucket Inc., which draws more than 30 million monthly visitors who view and store billions of digital photographs, videos and slideshows.

The Beverly Hills-based News Corp. group also spent more than $20 million for little-known Flektor Inc., which offers free tools for editing and displaying online videos.

Both companies' services are aimed at people who post Web profiles on social-networking sites including Fox Interactive's prize property, MySpace.

In the short term, Fox expects the purchases to help it capture more Web surfers and keep their attention longer. Like MySpace, both Photobucket and Flektor are set up to make most of their money through advertising.

But Fox also hopes to push the creative products to News Corp.'s broader audience, said Fox Interactive President Peter Levinsohn. That could foster an increase in user-submitted content across the company's collection of Internet properties, including AmericanIdol.com and video-game fan site IGN.com.

In one potential use, Levinsohn said, a high school sports fan could record a local game and post it to FoxSports.com. The idea also could extend to local news footage.

"We now control the single busiest social media site, the single biggest personal media destination and what I think is the coolest set of tools that exist today," Levinsohn said, referring to MySpace, Photobucket and Flektor respectively. "And we will take it to another level."

Gartner Inc. analyst Mike McGuire said the Flektor tools could help fuel political expression. A citizen commentator could take a video clip from a debate and add his or her own thoughts, then post the combination to MySpace or Google Inc.'s YouTube.

McGuire said that News Corp. now appeared to be doing the best job of any old-media company in staying abreast, or even ahead, of what consumers want to do with videos and photos.

"Consumers are now in absolute control of how they want to access media and program media," McGuire said. "Having these properties on top of MySpace, which we can almost view as a platform, is very smart."

For now, Denver-based Photobucket and Culver City-based Flektor will operate independently within Fox Interactive and will continue to function on sites that compete with MySpace, Fox said.

The Photobucket deal eases what had been a stormy relationship. Taking note of how many MySpace users turned to Photobucket to manage their pictures, Fox Interactive for months had considered bidding for the company. At the same time, it galled MySpace executives that Photobucket's value was based largely on the popularity of their service — many MySpace members use Photobucket to display photos and videos on their profile pages.

When its users started posting Photobucket slideshows with backgrounds promoting the movie "Spider-Man 3" in April, MySpace barred some of Photobucket's software, saying it had violated the website's policy against outside advertising.

After Photobucket publicly complained, Fox asked it to sign a nondisclosure agreement in the takeover talks, leading some Photobucket executives to suspect that the shut-off was a hardball negotiating tactic.

But Photobucket CEO Alex Welch said Wednesday that he was convinced that the Fox talks were unrelated to what he called "an isolated MySpace incident."

The Flektor acquisition, meanwhile, shows that buyers are snapping up promising companies earlier than ever to avoid paying steep prices. Flektor was started by video-game industry veterans just a year ago and didn't even put out a news release when its tools launched in test version three weeks ago. Still, more than 40,000 people have used them.

Co-founder and CEO Jason Rubin said Flektor videos worked especially well with MySpace because they could be updated live. A cellphone photo could be e-mailed to Flektor from a restaurant, and the user's MySpace page would be updated by the time the meal was over.

The deals were announced the same day that CBS Corp. confirmed its own jump into social networking with the $280-million purchase of Last.fm, a site organized around sharing musical preferences.

The new-media buyout spree continued later Wednesday, with dominant Net auction firm EBay Inc. announcing the $75-million acquisition of StumbleUpon Inc., a site with more than 2 million users who recommend Web pages, including those within social networks, for people to visit.

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NEWSFLASH
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posted June 04, 2007 02:18 PM     Click Here to See the Profile for NEWSFLASH   Click Here to Email NEWSFLASH     Edit/Delete Message   Reply w/Quote
Murdoch To Meet Today With Wall Street Journal Owners


Rupert Murdoch is expected to meet today (Monday) with the family that owns Dow Jones, the company that operates the Wall Street Journal, according to published reports. The Journal said today that Murdoch plans to discuss the editorial independence of Dow Jones with the Bancrofts. He reportedly will be accompanied by his son James, CEO of British Sky Broadcasting, as part of an apparent effort to portray himself as a member of a family that, like the Bancrofts, has a long history in the newspaper business. Murdoch's own father launched the Australian newspaper business that eventually became the international media empire News Corp under the son. Murdoch has said that he intends to expand his empire even further by launching a business cable channel later this year. If he succeeds in acquiring Dow Jones, he is expected to name the channel after the Journal.

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indiedan
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posted June 05, 2007 10:22 PM     Click Here to See the Profile for indiedan   Click Here to Email indiedan     Edit/Delete Message   Reply w/Quote
Murdoch Close To Deal To Buy Wall St. Journal
Rupert Murdoch met on Monday with members of the family that owns Dow Jones, which publishes the Wall Street Journal. Afterwards both Murdoch and the Bancroft family described the meeting as "constructive" but declined to provide details. Murdoch has offered to buy Dow Jones for $5 billion, but some members of the family have reportedly insisted on safeguards to protect the Journal's editorial independence. In its report about Monday's meeting the Journal cited a person close to Murdoch as saying that the media mogul was "encouraged about the prospects for a deal." It also reported that people close to the Bancrofts say that "the two sides are expected to reconvene shortly."

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indiedan
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posted June 13, 2007 03:31 PM     Click Here to See the Profile for indiedan   Click Here to Email indiedan     Edit/Delete Message   Reply w/Quote
Bancroft Family To Propose Editorial "Buffer" to Murdoch


The Bancroft family will sell Dow Jones, publisher of the Wall Street Journal, to Rupert Murdoch's News Corp if Murdoch is able to assure the family that he will not meddle with the newspaper editorially, the Washington Post reported today (Wednesday), citing an unnamed source. The family reportedly plans to submit a proposal to Murdoch today outlining requirements for a "buffer" that would guarantee the editorial independence of the newspaper.

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indiedan
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posted June 14, 2007 05:51 PM     Click Here to See the Profile for indiedan   Click Here to Email indiedan     Edit/Delete Message   Reply w/Quote
Murdoch Raising Cash To Buy Dow Jones


In an apparent effort to cash-out some of its broadcast holdings in order to help fund its $5-billion bid for Dow Jones, News Corp said Wednesday that it plans to sell nine of its TV stations. The stations are located in Cleveland, Denver, St. Louis, Kansas City (MO), Milwaukee, Salt Lake City, Birmingham (AL), Memphis, and Greensboro (NC). Dow Jones is the publisher of the Wall Street Journal.

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indiedan
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From:Santa Monica
Registered: May 2000

posted June 18, 2007 04:56 PM     Click Here to See the Profile for indiedan   Click Here to Email indiedan     Edit/Delete Message   Reply w/Quote
Wall St. Journal Now Has Two Suitors


General Electric -- whose holdings include NBC, MSNBC, and CNBC -- and Pearson PLC -- which publishes the London Financial Times -- are considering making a joint bid for Dow Jones, publisher of the Wall Street Journal, the Journal reported in today's (Monday) editions, citing unidentified people familiar with the matter. The companies reportedly plan to establish a joint venture that would combine the Financial Times, Dow Jones and cable business channel CNBC. If the Bancroft family, which owns Dow Jones, accepts the GE/Pearson offer, it would check Rupert Murdoch's effort to take over the Journal and use it to establish a new cable business-news channel. (CNBC already has a deal in place to use Wall Street Journal content through 2012.)

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