Difficult times for MySpace
MySpace, once the centerpiece of Rupert Murdoch’s digital strategy, has fallen “significantly” short of expectations and is jeopardising a critical $900m internet search agreement with Google.
Weaker traffic means the News Corp division is now expected to receive about $100m less from a deal that had underpinned investors’ confidence in the MySpace acquisition, executives revealed.
“We’re still losing traffic,” said Chase Carey, chief operating officer of News Corp. “It’s a business in transition.”
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