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Short Take: News Corporation goes to Europe

Rupert Murdoch's News Corporation said it is launching a European subsidiary in Milan, Italy, to seek out and manage media investments there, according to the Associated Press. Murdoch said the division is in talks with Telecom Italia for a possible pay-TV project and with French broadcaster TF1 regarding a cable and satellite channel for 15- to 35-year-olds, the AP said.

Rupert Murdoch's News Corporation said it is launching a European subsidiary in Milan, Italy, to seek out and manage media investments there, according to the Associated Press. Murdoch said the division is in talks with Telecom Italia for a possible pay-TV project and with French broadcaster TF1 regarding a cable and satellite channel for 15- to 35-year-olds, the AP said.