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Murdoch turns to Europe
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November 23, 1998: 10:39 a.m. ET
News Corp. boss announces new company on the continent
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LONDON (CNNfn) - Media mogul Rupert Murdoch appears to be turning his sights to continental Europe after he announced Monday the formation of a new company called News Corp Europe.
The new company, a division of News Corp. (NWS), will be called News Corp Europe, and will be headquartered in Milan.
Letizia Moratti, former head of Italian state television broadcaster RAI, will be executive chairman of the new company.
News Corp Europe is already in discussions with Telecom Italia regarding a possible joint venture in Italian pay-TV.
That deal also includes French broadcaster TF1 (PTFI), which is negotiating separately with News Corp Europe to launch a youth-oriented channel in France.
In a statement Murdoch said, "We see opportunities to participate in media developments across Europe."
News Corp. already owns a 40 percent stake in BSkyB (BSY), Britain's largest satellite broadcaster.
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