Tuesday, Dec. 08, 2009

MySpace Loses Face

"Steal of the century" is how most analysts described Rupert Murdoch's $580 million grab of the social-networking site MySpace in 2005. Later, when Rupe's News Corp. took a $2 billion write-down on its purchase of Dow Jones, that deal looked like the biggest loser. Nope: hands down, it's MySpace, which this year suffered a 15% decline in ads and a drop in the number of visitors. It's enough to make Murdoch want to stick to newspapers.