My reason for

Speaking with analysts last night, Chairman-CEO Rupert Murdoch said News Corp.'s "priority now" is the Web.

“We have tens of billions of dollars of asset value in our news, sports and general entertainment businesses. While we monetize this value daily in the form of our TV shows, channels, films, books and newspapers, our priority now, which is our mandate, is to perfect a plan that will monetize them across the world on the Internet.”

Mr. Murdoch stressed the company’s strength in local content, a potentially lucrative arena that rival Internet portals are still staking out. “With 35 owned local stations, 21 regional sports networks, a variety of print publications and more than 200 local Web sites, we already have the assets to be a dominant player on the Web.”

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