Murdoch: $580 Million MySpace Buy A “Huge Mistake”

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News Corp Chief Executive Rupert Murdoch has stated that his company News Corps $580 million purchase in 2005 was a mistake. Murdoch toldAssociated Free Press MySpace was chronically mismanaged “in every possible way,” News Corp’ CEO also stated that  ” ”We could have sold it for $6 billion a month later,” Murdoch said, according to the AFP report. ”We then proceeded to mismanage it in every possible way,” he said, adding that “all of the people concerned with it are no longer with the company.” News Corp. sold Myspace in June for $35 million, just six percent of its purchase price, to Specific Media, a digital ad-targeting platform.Murdoch was speaking at the company’s annual shareholder meeting.
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