News To Open Eventures Here
Sydney Morning Herald
Monday July 12, 1999
Australian Net entrepreneurs with a proven track record and big ideas will be on the shopping list of eVentures, News Corporation's newly formed "incubator" joint venture, when it opens an Australian office headed by a local CEO.
Mr Mark Booth, CEO of News Corporation's epartners high-tech investment company, said the first priority would be taking companies associated with its 50 per cent partner Softbank into international markets.
"We will work to identify and develop businesses originated in Australia as well. Those businesses we start in Australia will have access to our vast distribution and partnership alliances around the globe," said Mr Booth.
He said eVentures's Australian operation would focus on a hybrid of "businesses built from scratch and others tailored for the Australian market".
The local office is expected to be opened this year.
The UK-based epartners formed a $US50 million ($75 million) Internet investment company earlier this month with Softbank, a Japanese company which has stakes in almost 100 Net companies, including Yahoo, Etrade, Ziff-Davis and various start-ups selling anything from books, cars, toys, groceries, drugs and financial advice online. Epartners has the stated objective of becoming "an Internet empire".
The first investment will see America's E-Loan Inc set up in the UK. Mr Booth said the equity eVentures took in the companies would vary depending on capital requirements.
"We want the entrepreneurs to retain a substantial stake - it is their vision, strategic and operating success that makes the business have potential and scalability," he said.
Mr Booth launched the Australian Foxtel cable TV network, part-owned by News Corporation, as CEO.
He left the company in 1997 to head News Corporation's JSkyB satellite broadcasting company, in which Softbank was an investor. Mr Booth later headed the British Sky Broadcasting Group.
Softbank no longer directly owns any companies in Australia.
The local office of Internet advertising company Softbank Interactive Marketing was closed in 1998 when Softbank sold the ailing international business.
Ziff-Davis, a technology magazine company that previously traded as Softbank Australia, was sold to Ziff-Davis of the US when Softbank floated that company in 1998.
News Corp has a surprisingly low-key online presence given its early moves into TV and satellite services. But the launch of eVentures seems to have signalled a belated embrace of the Internet.
Last week, Mr Rupert Murdoch interrupted his honeymoon with new wife Wendi to launch eVentures and on Friday, his 26-year-old son, James, who heads the online operations, announced that News would introduce several Internet services over the next few months.
The online presence
* News America Digital Publishing operates TV Guide Online
* News Interactive: Australian operation runs www.news.com.au.
* Future plans involving News International newspapers in UK
© 1999 Sydney Morning Herald
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