News Corp. readies massive news project for mobile

News Corp. (NWSA) is gearing up to invest $30 million to $40 million in a new national news organization with a heavy focus on mobile, The Los Angeles Times reports.
The new venture will draw content from a dedicated editorial staff, but also could pull in content from News Corp.’s other major holdings like the New York Post and Dow Jones. Content will be primarily targeted and distributed to tablets and smart phones.
According to the anonymous source cited by The Los Angeles Times, the company plans to charge a yet-to-be-determined subscription fee.
The digital news organization, which will be headed up by New York Post executive editor Jess Angelo, is being set up to compete directly with The New York Times, USA Today and other national publications.