Murdoch's New Startup Incubator

The SlingShot Labs venture is designed to spawn Internet startups for News Corp. and also likely to help MySpace compete with Facebook

With 110 million members and $800 million in annual revenue, MySpace has become a growth engine for Rupert Murdoch's News Corp. (NWS) media empire. Now the media mogul wants to turn the online social network into a breeding ground for his next success story.

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