The media giant delves into the lucrative business of social gaming.

In an effort to recreate the success of FarmVille creator Zynga, NewsCorp is planning on developing its own social gaming platform. Still unsure as to how to handle the decreased popularity of their social network Myspace, NewsCorp will instead focus on their gaming publications IGN and Making Fun for the venture. Jonathan Miller, a spokesperson for the corporation, sees social gaming as having a business model citing the amount of real money people put into Facebook games such as FarmVille.

Zynga, the company also responsible for MafiaWars and CityVille, is speculated to be worth between 7 and 9 billion dollars after new funding discussions this past month.

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