Los Angeles – News Corp.’s (NYSE: NWS) struggling MySpace unit expects to
generate revenues of $109 million for its fiscal year ending June 30, according
to a confidential pitch book being presented to prospective suitors for the
company obtained by TechCrunch.
The pitch book reveals that MySpace also
expects to record expenses of $274 million and losses of $165 million for the
For fiscal 2012, the company projects that expenses will drop to
$69 million, while revenues will fall to $84 million, providing for earnings of
"The pitch book predicts 2013, 2014 and 2015 revenues to be
$101 million, $119 million and $139 million, respectively. With the company
losing 14% of its audience every month, it’s hard to see revenue stabilizing
and then actually rising," wrote TechCrunch’s Michael Arrington.
extremely unlikely that anyone believes the projections in the pitch book are