Media Mogul | featured news

A court in Milan Friday convicted former Premier Silvio Berlusconi of tax fraud and sentenced the media mogul to four years in prison, his first prison sentence in years of criminal probes. The 76-year-old billionaire businessman -- who just two days ago said he would not run in Italy's spring election -- is expected to remain free until the appeals process is exhausted. In Italy, cases must pass two levels of appeal before verdicts are final.

Media mogul Rupert Murdoch is developing a digital newspaper exclusively for the iPad and other electronic tablet devices, according to the Women's Wear Daily website.

Sumner Redstone's family-controlled firm, National Amusements Inc., this morning said it was selling nearly $1 billion in stock in CBS Corp. and Viacom Inc.