News Corp buys IGN Entertainment
Murdoch is building a significant position in the internet sector:
Rupert Murdoch’s News Corp on Thursday made further progress in its internet ambitions by agreeing to acquire IGN Entertainment for $650m in cash.
The video games and entertainment company - one of four key internet properties identified earlier this year by Mr Murdoch as desirable internet purchases - brings the total spent by News Corp on internet acquisitions this year to over $1.5bn.
He has another half billion yet set aside for further acquisitions. Seems he got bullish on the internet once he realized all the advertising was moving to the internet.
Mr Murdoch embraced the internet earlier this year after largely shunning the medium following losses made during the internet bubble five years ago. Like many of his competitors in the media sector, Mr Murdoch has realised advertising revenues are shifting to the internet and so are audiences.
Of course yours truly has been all over this for a while, I just don’t have a couple bil laying around. Maybe he has someone reading my blog.