Rupert Murdoch's News Corp. (NWSA:US) bought two Internet start-ups to enhance service for 70 million users of Fox Interactive Media Web sites worldwide.
The News Corp. unit bought Newroo Inc., whose tools scan Web sites to find relevant information and news, and Ksolo Inc., which gives singalong, or karaoke, fans a way to create and share their own recorded songs. The Los Angeles-based division didn't disclose terms of the acquisitions in a statement today.
Buying the two companies helps News Corp. expand beyond television, film and newspapers onto the Web to capture a bigger share of online advertising. New York-based News Corp. has spent more than $1.2 billion to buy Web companies including MySpace.com, a popular social networking site, since April 2005.
News Corp.'s Class A shares fell 6 cents to $17.10 at 4:03 p.m. in New York Stock Exchange composite trading. The shares have gained 10 percent in the past year.
New York-based Ksolo's kSolo.com site lets users pick a favorite tune, play it sans vocals, and sing along with it, the closely held company says on its site. Users can record their personal performances and send them to their friends, Fox said.
Newroo, based in San Francisco, was started in 2002 by Brown University students Daniel Gould and Brian Norgard, Fox said. Their site is designed to help create Web sites by aggregating and remixing content such as news and online log entries from other sites, Fox said.
Both operations will relocate to the Fox division's Los Angeles base, the company said.
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