No one has actually used these words at the Sun Valley Media and Technology Conference yesterday, but one could read between the lines. News Corp CEO and media mogul Rupert Murdoch did state he would not be buying Twitter. Why would he? He bought MySpace for a whopping $580 million back in 2005, and so far the social networking site has not had a stellar presence on the Internet. With massive layoffs, reorganizations and so forth, MySpace appears to be heading for extinction. So when Murdoch said he also wasn’t going to sell MySpace, one would have to ask who would want to buy it?
Softpedia states the following information:
News Corp CEO and media tycoon Rupert Murdoch made it as clear as possible with a definite “No,” when asked whether he would buy Twitter and an even clearer “Hell no,” when asked about the possibility to sell MySpace, as Reuters reports. Present at the Sun Valley Media and Technology Conference yesterday, he went on to say that buying Twitter at this point would be hard to justify, even with the site’s increasing popularity, as it had no clear business model and little signs it would come up with one anytime soon.
So with MySpace in trouble, with newspapers losing advertising and with more advertisers heading to the Internet, it doesn’t appear that News Corp. is in a very good position. But can it bail itself out?
What do you think?