Murdoch to launch digital news company

NEW YORK, Aug. 13 (UPI) -- Media mogul Rupert Murdoch said he is working on plans to launch a news business geared towards digital devices and aimed at a young U.S. audience.

"We'll have young people reading newspapers. It's a real game changer in the presentation of news," Murdoch said, The Los Angeles Times reported Friday.

The current plan calls for the company to produce short articles for an audience on the go that uploads the broadcasts with mobile phones or digital readers.

Murdoch's News Corp., would develop the new firm as part of the New York Post, one of News Corp's newspapers. It could also draw from various News Corp. newspapers for material, such as The Wall Street Journal.

Industry analyst Edward Atorino said media firms are looking at digital presentations as "another lifeline to survive."

The New York Times has already launched a publication that is viewed through an iPad application, which it said has been loaded onto 400,000 mobile devices. To date, revenues for the service have been based on advertising, but The New York Times is expected to initiate subscriber fees sometime in 2011.