News Corporation has announced that its new media investment arm, epartners, which is headed by Mark Booth, is to launch eVentures jointly with Softbank, the Japanese e-commerce investment house. The group will facilitate the introduction of US-Based internet companies to the UK. Murdoch said at a press conference last week that News Corporation would eventually transform itself into an internet company.
The first part of the group’s launch will involve the creation of E-Loan – the online mortgage broker in the US, involving an investment of $22.5 million.
eVentures will be putting forward $50 million of initial capital investment to be used for investing in promising internet companies. Mark Booth, CEO of epartners, commented: “We are off to a very strong start. Today’s announcement is a significant first step for epartners as it fulfills its mission of identifying and investing in high growth digital opportunities.”
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