Wednesday, July 20, 2005

Internet: News Corp acquires myspace.com

News Corp is bolstering its newly-formed internet unit by spending $580m on Intermix - the company behind blog site myspace.com.

This makes it Murdoch's biggest Internet acquisition since the dot.com boom, doubling News Corps monthly internet user base to more than 45 million people in the US alone.

In February, News Corporation held an emergency meeting with 50 executives to discuss its internet strategy.