Tuesday, November 30, 2010

UK Telegraph-Rupert Murdock Considers Selling MySpace

photo credit: UK Telegraph
(Story reported by Rupert Neate for the Telegraph UK)

Rupert Murdoch’s News Corporation is considering selling MySpace after declaring the has been social networking site a “problem”. 

Chase Carey, News Corp's chief operation officer, said the media giant was actively considering selling the social networking site it bought for $580m in 2008.

Mr Carey said a sale or partnership with internet giants such as Yahoo or AOL were two or a number of options under consideration.

“There are opportunities here to do 20 things [with MySpace] but that doesn’t mean you’re going to do any of the 20. If there’s something there that makes sense you ought to think about it,” he said.

Mr Carey, who has previously described MySpace’s losses as “neither acceptable or sustainable”, refused to set a deadline for the social networking site to return to profitability before it push ahead with a sale. “I’m not going to break down [the number of] quarters,” he said. “It’s not years ... we need to deal with this with urgency.”

Mr Carey said the company’s engineers had done a “very good job” at redesigning MySpace to help it better match market leaders Facebook and Twitter. He said it would have been “pretty tough” to sell MySpace before the revamp.

(Click here to read the full story on the UK Telegraph website.)

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