According to News Corp.‘s digital media guru Jim Miller, the company has set a 2-week deadline to determine the fate of its black sheep online media property MySpace. The LA-based social networking site lost $165 million for News Corp. in the most recent quarter ending in March. That’s $15 million more than MySpace lost for the company this time last year.
News Corp. has been shopping the site around for some time–supposedly trying to get $100 million for it after paying $580 million back in 2005. Surprise, surprise, they don’t seem to have had any luck.
We here at FishbowlLA sincerely hope News Corp. decides not to sell and to turn this ship around on their own. Mainly because we love seeing Rupert Murdoch lose money.