News Corp. puts Myspace on notice
Last Updated on Thursday, 4 November 2010 09:20 Written by a2e Thursday, 4 November 2010 09:20
News Corp. puts Myspace on notice
NEW YORK (AFP) – Rupert Murdoch’s News Corp. put Myspace on notice on Wednesday, saying the losses at the ailing social network were unsustainable and there needs to be improvement in the next few quarters.
"We’ve been clear that Myspace is a problem," News Corp. president and chief operating officer Chase Carey said during a conference call with analysts after the media and entertainment giant released its quarterly earnings.
"The current losses are not acceptable or sustainable," Carey said. "Our current management did not create these losses but they know we have to address them."
The News Corp. executive said last week’s redesign of Myspace "has been generally well received by the opinionmakers in the business but we recognize the critical issue is building interest with consumers.
"We also recognize the challenges we face in doing so," he said.
News Corp. bought Myspace for 580 million dollars in 2005 but it has been eclipsed by Facebook in recent years, which has grown to more than 500 million members while Myspace’s numbers have dwindled.
Rest of the article here:
http://news.yahoo.com/s/afp/20101103/tc_afp/usitcompanyinternetnewscorpmyspace
