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News Corp. names Net investment head

Promotion of a 33-year-old executive underscores the media conglomerate's renewed focus on the Web.

News Corp. has named a new head for its Internet investment strategy, underscoring the media conglomerate's renewed focus on the Web.

Jeremy Philips, 33, has been promoted to executive vice president and will join the company's executive management committee. He will report to CEO Rupert Murdoch, as he did in his former position as a senior vice president, a post he took up in July 2004.

Previously Philips held positions at Citigroup, Ecorp and McKinsey & Co.

Last year, Murdoch said the company would invest $2 billion in Internet companies. It has already spent about half of that on businesses such as sports site owner Scout Media, online gaming company IGN Entertainment and Intermix Media, which owns MySpace.com.

News Corp. was also rumored to have been in the running for digital phone service provider Skype, which was bought by eBay, and Friends Reunited, which was bought by ITV.

Sylvia Carr of Silicon.com reported from London.