Rupert Murdoch on Myspace: We just messed it up


News Corp. executive chairman Rupert Murdoch isn’t regretting buying Myspace, but everything that came thereafter: “we just messed it up,” he told an audience at the Wall Street Journal’s WSJ.D conference in Southern California on Wednesday. Murdoch’s News Corp. acquired Myspace in July 2005 for $580 million, and ended up selling the social network for just $35 million six years later.

Murdoch said Myspace was “growing like crazy” when his company acquired the social network, which was before Facebook really took off. And Myspace had other bets that could have paid off for Murdoch: It was building a video service, which launched three months before YouTube, only to see the now Google-owned video service quickly take off and leave Myspace behind.

wsj.d live-840 Rupert Murdoch and Carlos Slim, interviewed by WSJ chief editor Gerard Baker.

So what went wrong? Murdoch said that he didn’t know what to do with the company, which…

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