News Corp.'s Rupert Murdoch calls Myspace buy a 'huge mistake'
Speaking at the News Corp. annual meeting Friday in Los Angeles, company Chairman and Chief Executive Rupert Murdoch channelled his inner GOB and said he, too, had made a "huge mistake" when asked about Myspace, the once-popular social networking site that News Corp. paid $580 million for in 2005 only to sell it earlier this year for $35 million.
Noting that at the time everyone thought "it was fantastic" that News Corp. had bought the then-red hot company and that it could have been sold the next year for "$6 billion," Murdoch said his company managed to "mismanage it in every possible way."
-- Joe Flint
Photo: Rupert Murdoch speaks outside a hotel in London where he met the family of murdered teenager Milly Dowler on July 15, 2011. Credit: Paul Hackett / Reuters.