Summary:

Pali Research’s Richard Greenfield initiated coverage of News Corp. Monday with a buy recommendation — and the message that Rupert Murdoch…

Pali Research’s Richard Greenfield initiated coverage of News Corp. Monday with a buy recommendation — and the message that Rupert Murdoch and company should move even faster when it comes to the internet. Greenfield: “While we believe most investors are skeptical of News Corp.’s recent Internet acquisitions, we believe they offer significant value creation potential. However, we would like to see News Corp. leverage its tremendous catalog of content far more rapidly across its recently acquired Internet sites. Rather than utilizing a show like Kitchen Confidential (cancelled program) on Myspace, we would like to see News Corp. building awareness (expand the reach) for its top content/programming properties. We are not advocating making downloads of shows available on FOX.com or iPods, but we would like them to harness the mass audience they now own via Myspace/IGN.”

– News Corp.’s strategy differs from its peers in Greenfield’s eyes: while others focus on multiple platforms, News Corp. recognizes that younger viewers, in particular, are multitasking. He also predicts sharing video content online via copy and paste HTML code will be “a very significant business (via advertising), with Myspace positioned to be a leader. The key risk is selling targeted advertising properly — it cannot upset the user (Myspace needs to follow the success that Massive Inc. has had selling â

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