News Corp (Murdoch) won't buy Twitter, won't sell MySpace

[SoCalDem]

http://www.reuters.com/article/internetNews/idUSTRE56762120090710
News Corp won't buy Twitter, won't sell MySpace
Fri Jul 10, 2009 3:34pm EDT


SUN VALLEY, Idaho (Reuters) - News Corp is not interested in buying popular microblogging site Twitter and will not sell its struggling social network MySpace, said the media conglomerate's chief executive, Rupert Murdoch.

Murdoch, who arrived on Wednesday at the Allen & Co investment bank's Sun Valley media and technology conference, said Twitter would be a tough investment to justify because it has not yet come up with a sustainable way to make money. "Be careful of investing here," he said of Twitter.

snip

Twitter co-founder Evan Williams is widely considered one of the darlings of this year's conference. Sun Valley often features hot Internet start-ups that older media conglomerates would like to buy to enhance their own businesses. Asked if he was considering buying Twitter, Murdoch said, "No." Asked about selling MySpace, he said, "Hell no." News Corp bought MySpace in 2005 for $580 million when the social networking service was nearing the height of its popularity, particularly among younger Internet users.

snip

In a bid to cut costs, MySpace also has laid off more than 400 workers, or 30 percent of its staff, in the United States. It also has laid off more abroad.

snip

(Reporting by Robert MacMillan, editing by Tiffany Wu, Matt Daily and Steve Orlofsky)

[SpiralHawk]

1. Wonder if The Rupester would buy Twerpster.com ?

the anti-social network for fact-hating, self-aggrandizing, FAIL-Freak, fear-driven, Chickenhawk-adoring, pretend-conservative, fascist-leaning Republicon Homelander twerps...

[KharmaTrain]

2. Twitter's 15 Minutes....

I use Facebook, but because Murdoch owns MySpace I refuse to use it.

Twitter's days are numbered when new generation handhelds and cellphones come on the market with full web capability...direct blogging onto any site and not limited to the 140 or whatever characters they allow.

Yep, Ruperts right...there's no money to be made in this venture...and I see it going the way of Napster in the near future.