Bloomberg News

News Corp. Discusses Creating Online-Video Venture (Update3)

March 07, 2007

News Corp. (NWS:US), the owner of the MySpace.com social networking Web site, is in talks with other media companies about creating an online-video joint venture that would compete with Google Inc. (GOOG:US)'s YouTube.com.

``We're in talks with all media companies,'' Peter Levinsohn, president of News Corp. (NWSA:US)'s Fox Interactive Media unit, said at a Bear Stearns Co. conference in Palm Beach, Florida. ``There are so many opportunities for media companies to get together and if they do, no doubt MySpace will be a beneficiary of that.''

Media companies have criticized YouTube.com, the video-sharing Web site bought by Google last year, for letting users post copyrighted videos online without permission. Google Chief Executive Eric Schmidt said March 5 that he's focused on getting ``as much licensed content as possible'' on YouTube.

Levinsohn said News Corp. Chief Operating Officer Peter Chernin is involved in the talks with other media companies, which he didn't identify.

Viacom Inc. Chief Executive Officer Philippe Dauman said at the conference yesterday that Viacom was pursuing its own online video initiatives and talking to potential partners.

Class A shares of New York-based News Corp. fell 9 cents to $22.17 at 4:01 p.m. in New York Stock Exchange composite trading. They've gained 3.2 percent this year.

Google fell $1.91 to $455.64 in Nasdaq Stock Market composite trading. They've fallen 1.1 percent this year.

To contact the reporter on this story: Cecile Daurat in New York at cdaurat@bloomberg.net

To contact the editor responsible for this story: Emma Moody at emoody@bloomberg.net.


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Companies Mentioned

  • NWS
    (News Corp)
    • $15.82 USD
    • -0.31
    • -1.96%
  • GOOG
    (Google Inc)
    • $568.27 USD
    • -9.09
    • -1.6%
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