Murdoch on MySpace "We Screwed Up"
January 14, 2012

Murdoch on MySpace “We Screwed Up”

Media mogul and News Corp. CEO Rupert Murdoch took to one social network to candidly discuss his and his company's involvement with another on Friday.

On his Twitter account, Murdoch addressed the "many jokes and questions" about News Corp.'s purchase of MySpace for $580 million back in 2005. Speaking bluntly, he said that the company "screwed up in every way possible" while learning "lots of valuable expensive lessons."

Two years after purchasing the social network, its value increased to $12 billion, according to a Friday article by Lucas Shaw of TheWrap.

After that, Murdoch "saw the bottom fall out," and News Corp. ultimately hold the website to $35 million, "a huge loss on what had been hailed as a game-changing acquisition," he added.

According to Telegraph Digital Media Editor Emma Barnett, the tweet marked "the first time Murdoch has tweeted about the social network and his experience of owning MySpace for six difficult years, since joining the microblogging platform."

Barnett adds that the comment was made in the middle of multiple technology-related posts made by Murdoch in the midst of this week's Consumer Electronics Show (CES).

In other MySpace and CES related news, this week the social network announced a deal with Panasonic to create MySpace TV, which according to Slashgear's Chris Davies will be "a socially-enabled networking system that allows viewers to communicate with friends and strangers about their shared watching experience."

"Supporting smartphones, tablets, laptops and the TV screen, MySpace TV even managed to coax Justin Timberlake on-stage to talk up its innovation," Davies added. "Whether MySpace TV will be enough to turn around the network´s failing fortunes — and user numbers — compared to Facebook and Google+ remains to be seen. However it looks like Murdoch has written the whole experience off as a costly lesson as to how the internet can bite back."


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