• by Joe Mandese  @mp_joemandese, April 4, 2008

News Corp. this morning announced a restructuring of its Fox Interactive Media unit, including the launch of a long-awaited online advertising network, and the departure of long-time Chief Revenue Officer Michael Barrett, as it flattens out its interactive sales organization.

Adam Bain was named president of the new online ad network, dubbed Fox Interactive Media Audience Network, which will combine inventory across Fox's existing interactive content network with that of third-party publishers. The company said the network would leverage Fox's HyperTargeting technology, as well as its proprietary ad-serving platform.

Bain had been executive vice president-technology and production at Fox Interactive Media, and previously oversaw the unit's acquisition of yield optimization firm Strategic Data Corporation.

The new unit will combine Fox's interactive advertising technology, ad operations and performance sales efforts into one unit, which will oversee sales of performance-based ads for both Fox's and third-party sites. Fox will also continue to work with third-party ad networks to sell inventory across its properties.

Fox Interactive Media, which manages all of News Corp.'s online media assets, including Mysapce.com, also said it was integrating its sales operations, and phasing out the chief revenue officer role handled by Barrett.

In a memo issued to Fox interactive staffers on Thursday, President Peter Levinsohn said:

"By integrating the sales teams in this way, each operating unit will be empowered to assume responsibility for its revenue, growth and profitability. Further, each operating group will be afforded greater flexibility to implement processes and programs that meet the unique needs of their respective markets.

"Since the sales teams will now be integrated with their respective brands, we will no longer have a separate FIM Revenue Group."