News Corporation Launches New Web Incubator 'Slingshot Labs'

Wed Feb 13, 2008 3:00pm EST

* Reuters is not responsible for the content in this press release.

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
ddudeck@myspace.com

Copyright Business Wire 2008
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