News Corp. creates Net venture funding unit

Media giant News Corp. today announced the formation of a unit to invest in Internet ventures.

The new unit, News Digital Ventures, will function as an investment vehicle for News Digital Media, a division of News Corp., taking advantage of the parent company's global marketing and distribution strengths as well as its existing digital content assets through venture capital investments, the company said.

The company has named Kathryn Fink to lead the unit. Fink, a president at the parent company, will continue to manage strategic investments.

News Digital Media engages in three primary activities: operating FoxNews.com, FoxSports.com, FoxMarketwire.com and Fox.com; developing related interactive services such as broadband products and enhanced television, like DVD; and directing investment activities and strategy for News Corp. as they relate to digital media.

In September, the company revamped its digital media division, changing the name of the unit from News America Digital Publishing to News Digital Media.

News Corp. has total assets as of June 30, 1999, of approximately $36 billion and total annual revenues of approximately $14 billion.