The News Corp. chairman and CEO tweeted about the company’s botched acquisition
Rupert Murdoch ripped his own company on Thursday, tweeting about News Corp.’s bungled handling of MySpace.
“Many questions and jokes about My Space.simple answer — we screwed up in every way possible, learned lots of valuable expensive lessons,” the company’s chairman and CEO posted on Thursday night amdist a sea of tweets about the Consumer Electronics Show.
News Corp. bought MySpace in 2005 for $580 million, upped its value to as high as $12 billion in 2007, and then saw the bottom fall out. It sold MySpace to Specific Media in June of 2011 for $35 million, a huge loss on what had been hailed as a game-changing acquisition.
Murdoch has since had to acknowledge the failure as the sale impacted the company’s earnings last year.
This marked the first time he did so on Twitter, which he started using earlier in January. It might seem a bit tardy to still be talking about it, but one can only assume he was asked at CES, which Murdoch has been tweeting about quite a bit.
While “all talk is about coming Apple tv,” Apple Google and Amazon are the big three with Facebook nearing in, the media magnate says. He also suggested Google was being “extremely active,” praising CEO Larry Page’s stewardship.
No mention of Microsoft, with whom News Corp. recently struck a deal.