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News Corp.'s Rupert Murdoch calls Myspace buy a 'huge mistake'

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On the short-lived, critically acclaimed Fox sitcom "Arrested Development," the character of GOB Bluth  was famous for saying, "I've made a huge mistake" whenever he had screwed up.

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."

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-- 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.

 
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