News Corp. CEO Rupert Murdoch won't be following Microsoft's lead to place a bid for ailing Internet giant Yahoo, CNNMoney reports. Murdoch also dispelled rumors today that his company was interested in purchasing AOL, or in making any other major acquisitions. His remarks follow on the heels of Microsoft's unsolicited $45 billion bid to buy the tail-dragging Google-competitor.
News Corp. isn't shying away from the web, though, and is busily expanding its chief online organ, MySpace, with a do-it-yourself advertising system on the horizon. The company is also developing new online features for the recently acquired Wall Street Journal, including content-sharing with Fox News. News Corp. reported a 27 cents per share increase during the second quarter.