Breaking News, World News and Taiwan News.

Updated Monday, October 24, 2011 9:40 pm TWN, AFP

Sponsors
▪	Save 75% for all hotels in Shanghai, Beijing and whole China. Lowest rates for Flights in China.
▪	Get the best deals for Guangzhou Hotels or choose from more than 10,000 hotels in 499 Chinese cities.
▪	Find great real time deals on China Flights. Book flights to China or China domestic flights 24/7.
▪	Buy china wholesale products from reliable chinese wholesalers on DHgate.com!

CEO notes his 'huge mistake' in MySpace buy

LOS ANGELES -- News Corp.'s purchase of MySpace was a “huge mistake” and the social network was mismanaged “in every possible way” following the acquisition, chief executive Rupert Murdoch said Friday.

Murdoch, addressing shareholders at the media and entertainment company's annual meeting in Los Angeles, said News Corp.'s 2005 purchase of MySpace for US$580 million was seen as “fantastic” at the time.

“We paid US$600 million,” Murdoch said. “We could have sold it for US$6 billion a month later.”

MySpace, however, was quickly eclipsed by Facebook, which has grown to more than 800 million members as MySpace's numbers have dwindled.

“I made a huge mistake,” Murdoch said of the MySpace acquisition.

“We then proceeded to mismanage it in every possible way,” he said, adding that “all of the people concerned with it are no longer with the company.”

News Corp. sold MySpace in June for US$35 million, just 6 percent of its purchase price, to Specific Media, a digital ad-targeting platform.

Subscribe to The China Post and save 25%. Click here