Santa Monica, Calif. - News Corporation (NYSE: NWS) has created a business incubator, SlingShot Labs, and provided it with an initial $15 million in financing to help nurture start-up companies that could contribute to the company's Web properties, BusinessWeek reports.

Both News Corp. head Rupert Murdoch and MySpace CEO Chris DeWolfe will be closely involved with SlingShot, which plans to hire about 40 employees, people with knowledge of the plans told BusinessWeek.

Former MySpace executives Josh Berman and Colin Digiaro will serve as co-presidents of SlingShot, whose employees will receive equity in the four or five start-ups it expects to incubate annually.

Related Links:
http://tinyurl.com/34fhso (BusinessWeek)

http://www.slingshotlabs.com