IDT Corp. Forms IDT Media

NEW YORK — IDT Corp., the Newark, NJ-based telecommunications company, has changed the name of its Ventures division to IDT Media and named former president and COO of WPP Group’s The Media Edge, Mitch Burg, CEO of the renamed subsidiary.

IDT owns several radio properties that will work in conjunction with the company’s telecommunications business. As part of its new initiative, IDT Media plans to introduce a broadband platform to stream four simultaneous media channels to desktops over the Winstar system, the company announced.

IDT Media’s radio networks include the Talk America Radio Network, which was acquired in November, 2001, and the company is also in the process of acquiring radio stations in top 30 markets, including one in the Washington, D.C. area.

“IDT has entered the media market at exactly the right time,” Burg said in a statement. “U.S. ad spending in 2001 fell almost 10%, the biggest decline in over fifty years. That has provided incredible opportunities to aggressive companies. With the downturn in ad spending noticeably slowing during the fourth quarter, a turnaround may be just around the corner, allowing IDT Media to make significant profits from its acquisitions.”