NEW YORK: In 1999 Rupert Murdoch, speaking at a forum in Singapore on 21st-century media, dismissed internet stocks as "overvalued", cautioning that the net would "destroy more businesses than it creates".
Almost in a minority of one, he made it very clear that the medium was not one in which News Corporation would contemplate investment.
With the wisdom of hindsight it's easy to jeer at that rare misjudgement. But as the immortal Bob Dylan wrote thirty-five years prior to Murdoch's utterance:
Come writers and critics
Who prophesize with your pen
And keep your eyes wide
The chance won't come again
And don't speak too soon
For the wheel's still in spin
And there's no tellin' who
That it's namin'.
For the loser now
Will be later to win
For the times they are a-changin'.
NewsCorp announced Tuesday the formation of a global network to sell financial advertising on websites acquired in last year's $5.2 billion acquisition of Dow Jones.
WorthNet.Fox, which specialises in sales in emerging markets, especially Latin America, is to tout ads for the international versions of Barron's Online, the Wall Street Journal Online and Marketwatch.com, as well as sites not owned by NewsCorp.
According to Fox Networks president Hernan Lopez: ''We expect WorthNet to be delivering 20% of the total revenue of .Fox Networks by the end of the year."
Data sourced from Sydney Morning Herald; additional content by WARC staff