News Corp's MySpace mistakes pile up - Tom Johansmeyer

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News Corp's MySpace mistakes pile up
Nov 09, 2009 03:30 PM UTC

Tom Johansmeyer

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Filed under: Bad news, Internet, Google (GOOG), News Corp'B' (NWS), Media World, Technology

For News Corp. (NWS), MySpace is the mistake that keeps on costing. It's bad enough that Murdoch's empire paid $500 million for the social networking platform shortly before Facebook knocked it from the premier spot in the social media beauty pageant, but now we also know that News Corp. has committed $350 million to office space for MySpace that will never be used.

News Corp is shelling out more than $1 million a month for 420,000 square feet in Playa Vista, near Los Angeles International Airport. The deal was signed in August 2008 by Peter Levinsohn, former president of the Fox Interactive Media Unit. At the time, he issued a chest-puffing memo claiming it was "the single biggest real-estate transaction in Los Angeles in the last 25 years." Fortunately, he didn't mix the word "genius" in there at all.

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News Corp's MySpace mistakes pile up originally appeared on BloggingStocks on Mon, 09 Nov 2009 10:30:00 EST. Please see our terms for use of feeds.

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