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News Corp arms MySpace startup fund with USD15m
News Corp is investing USD15m in Slingshot Labs, the new incubator venture launched by MySpace this week, reveals BusinessWeek. California-based Slingshot, first announced last month, is led by two MySpace execs, Josh Berman and Colin Digiaro, who serve as co-presidents. Although funded by News Corp, Slingshot will function like an independent startup with plans to hire about 40 employees, mostly software developers. It will focus on consumer websites, with the goal to set up and develop four to five ventures a year.
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