Murdoch: MySpace Collapsed on News Corp Hubris

Here’s a forthright Tweet from Rupert Murdoch, chairman and CEO, News Corp. (NASDAQ:NWSA), on his company’s failed MySpace acquisition: “We screwed up in every way possible, learned lots of valuable expensive lessons.”

News Corp lost over half a billion on Myspace when it bought the network for $580 million in 2005 and later had to sell it for a mere $35 million. Maybe they should’ve waited for Facebook or LinkIn (NYSE:LNKD)? Ya think?

A new ‘MySpaceTV’ service was unveiled by the new owners, Specific Media, at CES 2012.

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On CES, a characteristic Tweet from Murdoch: “CES coming to a close. Seems like more innovation than ever, some great, all disruptive,” he said. “Traditional coys feeling digital tornado.”

Here’s how News Corp shares are trading now:

News Corporation (NASDAQ:NWS): NWS shares recently traded at $18.99, down $0.15, or 0.78%. They have traded in a 52-week range of $13.83 to $19.22. Volume today was 1,032,205 shares versus a 3-month average volume of 3,466,410 shares. The company’s trailing P/E is 18.64, while trailing earnings are $1.02 per share.

News Corp. (NASDAQ:NWSA): NWSA shares recently traded at $18.66, down $0.23, or 1.22%. They have traded in a 52-week range of $13.38 to $18.96. Volume today was 3,624,098 shares versus a 3-month average volume of 19,026,800 shares. The company’s trailing P/E is 18.31, while trailing earnings are $1.02 per share.

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To contact the reporter on this story: Brooke Edge at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com