Murdoch eyes search acquisition
11 August 2005
News Corp chairman and CEO Rupert Murdoch has revealed that the company is seeking an internet search engine to invest in.
The media boss announced an aggressive plan by the group to dramatically increase its online profile and said that the company has set aside up to $2 billion for investments and strategic acquisitions.
Speaking on a conference call following the release of strong fourth quarter and full year results, Mr Murdoch told analysts: "We are in advanced negotiations to buy a controlling interest in what we think is a wonderful search engine, but (for what) you will think is an insignificant price."
News Corp has created a new unit to focus on internet activities and recently purchased website company Intermix Media, which operates social-networking site MySpace.com, among others. The News Corp empire owns the 20th Century Fox film studio and the New York Post, amongst other ventures.
Mr Murdoch did not reveal which firms News Corp is planning to make a move on.
News Corp posted a 67 per cent increase in quarterly profit during the last three months of its fiscal year and predicts further growth for fiscal 2006. The group's revenues rose 12 per cent to $6.1 billion from $5.5 billion in the same quarter last year. Full-year net income for the 12 months to end June rose to $2.1 billion, from $1.5 billion a year earlier.
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