Fox Interactive Names Kennedy To New Strategy Position

Fox Interactive Media has named Jack Kennedy to the newly created position of executive vice president of strategy and corporate development.

Until now a member of Fox Network's business development group, Kennedy will guide FIM's merger and acquisitions strategy, reporting directly to FIM president Peter Levinsohn.

Kennedy brings some experience with multi-platform initiatives, most recently helping to structure the joint venture between News Corp. and NBC Universal known within industry circles as NewSite.

Earlier this year, FIM reportedly paid between $300 million and $400 million for photo-sharing site Photobucket. It also acquired Flektor, a provider of Web-based tools for editing photos and videos, for an undisclosed sum.

Along with supporting MySpace and other FIM properties--including IGN Entertainment, FOXSports.com, and AmericanIdol.com--Photobucket and Flektor remain stand-alone properties, each with its own audience and ad-supported business model.

With MySpace leading the way, FIM has performed particularly well this past year. Earlier this month, the News Corp. unit reported its first full year of profitability, with $10 million in operating income.

FIM brought in $550 million for the year--$50 million more than the company had projected. For the fourth-quarter fiscal period, Fox Interactive doubled its revenue to $183 million and took in $30 million in operating income.

Rupert Murdoch, chairman and CEO of News Corp., meanwhile, said MySpace was on pace to bring in $800 million in revenue in fiscal year 2008.

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