By Dominic Maher, 28 April 1999 17:17
NEWS News Corporation has announced plans to plough $300m into Internet and new media projects. The investments will be made under the name of a new company, e-partners. Mark Booth, former chief executive of BSkyB, will head up the outfit. The move follows a speech made earlier this year by chairman, Rupert Murdoch, who described the Internet as a medium which will destroy more businesses than it creates. Noah Yasskin, analyst at Jupiter Communications, said: "He [Murdoch] has been downplaying the Internet for some time and hoped that it wouldn't be the powerful force it has become. Now Murdoch needs to get to grips with it." He described the Internet as a pressure Murdoch has to deal with. "He is embarrassed by his lack of understanding of it," he said. Yasskin claimed the speed of consumer adoption of the Internet is forcing traditional media companies to move online.
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