Murdoch announces new magazine unit
NEW YORK — News Ltd., the Australian arm of Rupert Murdoch’s giant News Corp., said Monday it plans to launch a new local magazine unit called News Magazines Ltd.News Ltd. chief Lachlan Murdoch, son of the News Corp. chairman and CEO, said in a prepared statement that the company “sees great opportunities in a growing market to introduce innovative magazine products that are not only the best in their class, but create categories in their own right.” Graham Lawrence, director of group advertising sales for News Ltd., was appointed CEO of the new division. News Ltd. has been out of the magazine business for several years since it sold its remaining stake in Australia’s PMP Communications, publisher of titles including TV Week and New Idea. News Corp. mostly exited the U.S. magazine business when it sold its TV Guide properties to Liberty Media’s United Video & Satellite Group. That company was renamed TV Guide; News Corp. still owns a stake. Earlier this year, Lachlan Murdoch’s responsibilities were expanded to include News Corp.’s U.S. publishing business.