News Corporation says revenues from its burgeoning internet businesses will soar six-fold this fiscal year.
The company, controlled by Rupert Murdoch and his family, predicts web revenues will exceed $300 million (€255m; £172m) in the year ending June 30 2006, compared with $47m a year earlier.
Since February Fox Interactive Media, which oversees NewsCorp's web interests, has embarked on a shopping spree with the $580m acquisition of Intermix Media which incorporates the highly successful US youth site MySpace.com
Murdoch, a reformed cyber-skeptic these days, also successfully bid $60m for sports website publisher Scout Media and unveiled a $650m takeover of IGN Entertainment, an internet video game information company.
FIM president Ross Levinsohn told a New York media conference: "The entertainment industry is probably going through the most extreme revolution since the birth of television. Youth are spending more time online than they are watching television."
He said: "There is no timeline and there is no line in the sand as far as how we hold that position. We like the stock. We think it is undervalued and we are prepared to sit on it."
Murdoch and Liberty chairman John Malone have been in stop-start negotiations over the shareholding for many months but failed to reach a resolution, triggering NewsCorp's controversial 'poison pill' defence [WAMN: 12-Aug-05].
Data sourced from Sydney Morning Herald; additional content by WARC staff