Speaking at the Bear Stearns Media Conference in Florida today, News Corp. Chairman and CEO Rupert Murdoch put to bed rumors of a possible tie-up with Yahoo, stating, “We’re not going to get into a fight with Microsoft, they have a lot more money than us.”
He went on to say that Yahoo had “missed out” in the search arena by failing to invest in Overture quickly enough after acquiring it in 2003. He added “We’re very happy to be in the Google camp; they sell our search advertising and pay us well for it.”
Speaking further on social networks, Murdoch said that existing sites should attempt to introduce social aspects to their offerings. He suggested that News Corp. may attempt something along the social network lines with its Wall Street Journal site, and that users would be “interested to talk to each other about their investments.”
When asked about future deals, Murdoch said he was not looking for big acquisitions, but may be tempted into some smaller ones. He added that he was cautious of the high price tags assigned to online properties at present, and that it would be “very easy to throw away a lot of money on Internet sites.”
Regarding the current financial climate, News Corp. is apparently in “good shape” to face a weakened economy, having reduced its dependency on advertising from 41 percent to 23 percent of revenue.
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