Philips New Online Boss For News Corp

News Corporation has announced the promotion of Jeremy Philips to the position of executive vice president, office of the chairman, overseeing the company’s internet activities following its recent string of online acquisitions.

The new role will see Philips assume responsibility for the company’s internet investments as well as focusing on continuing acquisitions and strategy. He will report to Rupert Murdoch, News Corporation’s chairman and chief executive officer.

In its latest trading statement, the company announced a net loss of $246.8 million for the third quarter of last year, despite a 10% increase in revenues year on year.

Revenue in the quarter was shown to have enjoyed an increase of $0.53 billion compared to the same period last year, reaching $5.68 billion.

The company has recently embarked on a spending spree to acquire more online assets, purchasing American online gaming firm IGN Entertainment in September to gain access to around 28 million male internet users, with sites covering video games, films, music, sports, cars and girls (see Online Purchase Gives Murdoch Male Audience).

The publisher also splashed out £14.3 million on the purchase of Asserta Holdings, owner of UK property portal Propertyfinder.com in November (see News Corp Splashes Out £14 Million On Property Site).

News Corporation: www.newscorp.co.uk