News Corp may form 'Net company: Murdoch

A******, who the hell wants your kind of news

Sat Nov 5, 1:42 PM ET

CHICAGO (Reuters) - Rupert Murdoch said News Corp. (NYSE:NWS - news) may form a new company with partners to allow the media giant to enter the U.S. high-speed Internet market, the Wall Street Journal reported on Saturday.

"Here (in the United States), we don't know," Murdoch told the newspaper. "We may be forming a company with partners to build something out here that would give you broadband."
News Corp., which controls top U.S. satellite TV service DirecTV Group Inc. (NYSE:DTV - news), does not currently offer high-speed Internet service.

The chief executive of News Corp., owner of 20th Century Fox movie studios, the Fox News Channel and the New York Post newspaper, said when consumers begin using new high-definition home-video cameras, they will want more two-way bandwidth, according to the paper.

Murdoch dismissed talk that cable magnate John Malone wants to take over New Corp., but added he watches Malone closely.

"We have a very civil relationship, but I just gotta watch him so that, in the interests of all shareholders, you can't have someone creep up and get control of the company without paying a premium," Murdoch told the newspaper.

In August, News Corp. extended without shareholder approval its "poison pill" provision to guard against hostile takeover. The anti-takeover measure was originally adopted last year after Liberty Media Corp. (NYSE:L - news), controlled by Malone, boosted its voting stake in News Corp. to about 18 percent.

Murdoch also said he would like to buy the Wall Street Journal, although he acknowledged the paper is not for sale, the newspaper said.

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