BOUF ALERT..HOT OFF THE PRESS>>>ZD
Sunday September 12, 6:10 am Eastern Time
News Corp considers Ziff-Davis bid -report
LONDON, Sept 12 (Reuters) - Rupert Murdoch's News Corp Ltd is considering a $1.5 billion purchase of U.S. technology media and Internet company Ziff-Davis Inc (NYSE:ZD - news) (NYSE:ZDZ - news), the Observer newspaper said on Sunday.
The newspaper cited sources close to the talks as saying News Corp executives were completing due diligence this weekend on Ziff-Davis, which in July said it had retained Morgan Stanley Dean Witter to explore the possible sale of all or some of its businesses to maximise shareholder value.
The Ziff-Davis move followed a decision by its majority shareholder, Japan's Softbank Corp , to focus exclusively on Internet company investments.
Ziff-Davis produces some of the world's leading technology magazines, including PCMagazine and PC Week, and runs trade shows as well as Internet activities. Its Internet businesses have a separately quoted tracking stock ZDNet (NYSE:ZDZ - news) which is 83 percent owned by the ZD Group.
The Observer said it was thought the takeover was being negotiated by Murdoch's son James, who heads News Corp's Internet business.
It is unlikely that News Corp would wish to keep Ziff-Davis' trade magazines, and purchase of the rest of the gorup would further Murdoch's aims to expand in Internet activities.
Murdoch this year joined with Japanese venture capital group Softbank to form a 50-50 venture in the UK, eVentures, to invest in Internet opportunities.
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