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News Corp. Makes $580M Web Buy - Broadcasting & Cable

News Corp. Makes $580M Web Buy

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It’s been a busy week for News Corp. in new media.

On the heels of forming a new interactive media division, the company plunked down $580 million to acquire Intermix Media, a company that has a network of Web sites offering entertainment, gaming, and social networking. The deal is expected to close in the fourth quarter.

Intermix has more than 30 Web sites (including Grab.com and MySpace.com) and News Corp. says the acquisition will help it bump up its Web traffic to more than 45 million unique monthly users.

L.A. based InterMix had 2005 revenues of $79 million.

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