News Corp Not In Takeover Talks With LinkedIn
December 3, 2007 – 12:50 pmRumors were swirling that News Corp was in takeover talks with popular social networking site LinkedIn.
The source shot down rumors from Britain that the two were discussing a deal worth about $1 billion.
News Corp and LinkedIn declined to comment.
At first glance, a deal could make sense. LinkedIn could provide the technology and service underpinnings to connect the business world readers of Dow Jones publications after Murdoch’s $5.6 billion deal for the publisher of The Wall Street Journal closes this year.
“Strategically, it would be a great fit,” Goldman Sachs analyst Anthony Noto told Reuters last week. Whether it makes financial sense hinges on price, he said.
This may not be the last we hear of the rumor. What may make News Corp uninterested in the deal is the fact that their MySpace website is already making a number of modifications that would allow people to create profile groups based around business. The site has primarily been used by teens and rock bands more than the corporate crowd.
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