Murdoch adds classified ad website to Internet portfolio

Posted by John Burke on November 3, 2005 at 5:42 PM

On a virtual spending spree, Rupert Murdoch's News Corp. is at it again, buying UK classified ad site Propertyfinder.com for USD 25.3 million. In an April speech to the American Society of Newspaper Editors, Murdoch warned of the growing popularity of the Internet and specified that "The threat of losing print advertising dollars to online media is very real," and said the most immediate challenge is "transforming (newspapers') offline classified business into online marketplaces."

Now News Corp. has a popular social networking website, an entertainment and gaming site, and classified ads. What's next for Murdoch?

Sources: PaidContent, BBC

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