News Corp.’s Fox Interactive Media Internet division could fall short of its fiscal 2008 revenue target of $1 billion, as it reorganizes its divisions to better exploit the online advertising market, Reuters reports.
The News Corp. division that oversees the world’s largest social network, MySpace, said in a statement it plans to officially launch its long-awaited online advertising network.
The FIM Audience Network will consolidate its newly developed advertising technologies such as its “hyper-targeting” tools that tailor advertisements to Web surfers’ interests.
“I am confident that we are moving in the right direction to secure our long-term success, and I am certain that we have the right leadership team in place to take us there,” FIM Chief Peter Levinsohn said in a memo to employees obtained by Reuters.
Regarding its revenue targets, Fox Interactive Media said in a statement, “We expect to be close to our target.”
The memo partially confirms a report on technology blog TechCrunch, which reported late Thursday that the division would miss its annual revenue target of about $1 billion and likely come in at around $900 million.
Fox Interactive Media said Adam Bain, executive vice president of production and technology at FIM, will be named president of FIM Audience Network.
