Media magnate Rupert Murdoch plans to take on CNBC, lau-nching a competing business news channel by the end of the year, he said in a magazine interview.
"We’re in pretty intense discussions with the biggest cable companies, and making quite considerable progress," the News Corp. chairman told Newsweek for the magazine’s February 13 issue. After spending more than $1.5 billion on Internet ventures in 2005, Mr Murdoch said he is on the verge of announcing plans to offer broadband through his satellite-television service DirecTV. That project, along with News Corp.’s current Internet ho-ldings, will bring in "a conservative $1 billion" in revenue by 2010, he predicted. He also responded to concerns that members of My-Space.com, his latest acquisitions, are being targeted by sexual predators.
"We’re in pretty intense discussions with the biggest cable companies, and making quite considerable progress," the News Corp. chairman told Newsweek for the magazine’s February 13 issue. After spending more than $1.5 billion on Internet ventures in 2005, Mr Murdoch said he is on the verge of announcing plans to offer broadband through his satellite-television service DirecTV. That project, along with News Corp.’s current Internet ho-ldings, will bring in "a conservative $1 billion" in revenue by 2010, he predicted. He also responded to concerns that members of My-Space.com, his latest acquisitions, are being targeted by sexual predators.