 
Rupert Murdoch, in a "panic," is buying all the Internet companies he can get his hands on. Apparently My Space, Easynet, and IGN are just the beginning.
"In the last two or three months he has decided to spend or try to spend I think it is about $5bn on internet properties of various sorts," said Sir Martin.
"This was the second attempt by Murdoch and News Corp to penetrate this [market]. He must have been panicking because he even said he might hire [management consultants] McKinsey to help him out with his strategy.
"Why is it that he is so preoccupied with this and willing it appears to make investments almost willy-nilly? I think I can use the word panic - that is probably overdoing it but maybe I am not." Now is as good a time as ever to recall BugMeNot, as Media Guardian requires registration.
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