From this DJ story:
“Make no mistake, our commitment to this space and this business will constitute a major part of the company’s growth, profits and asset building over the next several years,” Murdoch told investors and analysts during a conference call to discuss fiscal fourth-quarter results. “We believe through our superior collection of News Corporation assets, and through further strategic and targeted acquisitions, we can very quickly become a major player in this industry.”
News Corp., which in July agreed to pay $580 million for Web concern Intermix Media Inc. as part of a new Internet strategy, could spend a total of about $1 billion on acquisitions, Murdoch said. “Now, something may come along to change that, but it wouldn’t change it…by more than another billion. This is not something we’re putting tens of billions into or need to.”
Murdoch said News Corp. plans to create an Internet portal and is in advanced discussions to acquire a controlling stake in a search engine, which he declined to name.
Rumors are circulating it’s Looksmart, the