Los Angeles
– The unit of News Corp. (NYSE: NWS) that includes MySpace posted a $150 million loss in
the company’s fiscal third quarter, leading Rupert Murdoch to remark that
“during the last two or three years, I think we made some big
mistakes,” according to PaidContent’s coverage of the company’s earnings
call with reporters. News Corp. president and COO Chase Carey added that
MySpace, which News Corp. acquired five years ago for $580 million, is
“clearly…a work in progress.”
After acknowledging mistakes have been
made, Murdoch pointed to a turnaround beginning under new management, and noted
that MySpace Music is currently the top music site, by pageviews.
“We’ve
got fine new management now; they’ve started to introducing new features,”
Murdoch told reporters.
“There’ll be a lot of changes coming through the
summer. The early indications — and they’re only early indications — are we’re
getting more visitors and they’re staying longer. When that gets more
substantial, we’ll get more advertising.”
Related Links:
http://snipurl.com/w0e3c
(AP)
http://snipurl.com/w0e3p
(PaidContent)
