Is News Corp. Ready to Pull the Plug on MySpace?
Is News Corp. Ready to Pull the Plug on MySpace?
Posted 11/04/2010 at 6:53am
| by Paul Lilly
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Minnesota Vikings coach Brad Childress gave up on Randy Moss after just three weeks. It's taken New Corp. five years to reach that same level of discontent with MySpace, the social networking service it paid $580 million for back in 2005, Yahoo News reports.
"We've been clear that MySpace is a problem," News Corp. CEO Chase Carey said during a conference call with analysts. "The current losses are not acceptable or sustainable. Our current management did not create those losses but they know we have to address them."
Reading between the lines it sounds like MySpace might not be long for this world, but Carey insists the social networking service "has the potential to be an exciting business." The caveat? He wants to see improvement within the next few quarters.
"These are fluid businesses... I think it is something we look to judge in quarters not in years," Carey said when asked how big of a window MySpace would have to show improvement.
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OliverSudden
November 04, 2010 at 8:38pm
Remember the scene in Animal House where Tom Hulce and Stephen Furst go to the Omega invitational and they keep getting seated next to all the other unwanted guests?
"Myspace, this is AOL, AskJeeves, and that old codger AltaVista is around here somewhere."
ShadowDragoonFTW
November 09, 2010 at 7:26am
I still actually prefer it to FaceBook... but all my friends use FaceBook, so... *sigh*
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