News Corporation Launches New Web Incubator 'Slingshot Labs'
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Former MySpace Executives Josh Berman and Colin Digiaro To Head Up New Venture LOS ANGELES--(Business Wire)-- News Corporation today announced the launch of Slingshot Labs (http://www.slingshotlabs.com), an incubator dedicated to building and developing new Web ventures for the company. Slingshot Labs will be headquartered in Santa Monica with former MySpace executives Josh Berman and Colin Digiaro serving as co-presidents. "Slingshot is a testament to News Corp's commitment to foster fresh ideas and to build the next generation of Web successes," said Chris DeWolfe, CEO and co-founder of MySpace. "The entire News Corp family will benefit with an autonomous arm focused on bringing new Internet business ideas to life." Slingshot Labs is a wholly owned News Corporation company that will employ a portfolio approach to the development and launch of businesses, and plans to nurture four to five ventures per year. Businesses ranging from stand-alone Web destinations, to social media applications will be developed within Slingshot and have dedicated product and development teams tasked with building each new venture. The company will offer employees the opportunity to participate in the value created in each of the new ventures it develops, a compelling offer to help attract top entrepreneurial talent. "Slingshot will function like an Internet start-up by moving quickly to identify market trends and evaluate their potential as part of the company's portfolio," said Colin Digiaro. "We're committed to building disruptive Internet businesses that operate autonomously--we're actively recruiting to incorporate the industry's top talent in this exciting new venture," said Josh Berman. As Co-Presidents, Berman and Digiaro will oversee operations and strategy at Slingshot Labs. While at MySpace, the two were a part of the founding MySpace team--Josh Berman served as the Chief Operating Officer and Colin Digiaro served as the SVP of International Corporate Development. Slingshot Labs joins News Corporation's diverse Web portfolio which includes MySpace, Fox Sports.com, IGN, American Idol.com, and WSJ.com. News Corporation (NYSE:NWS)(NYSE:NWS.A)(ASX:NWS)(ASX:NWSLV) had total assets as of December 31, 2007 of approximately US$69 billion and total annual revenues of approximately US$31 billion. News Corporation is a diversified entertainment company with operations in eight industry segments: filmed entertainment; television; cable network programming; direct broadcast satellite television; magazines and inserts; newspapers and information services; book publishing; and other. The activities of News Corporation are conducted principally in the United States, Continental Europe, the United Kingdom, Australia, Asia and the Pacific Basin. For Slingshot Labs Dani Dudeck, 310-969-7148 firstname.lastname@example.org Copyright Business Wire 2008