Rupert Murdoch has admitted that his firm News Corporation “screwed up” in their handling of Myspace.
Murdoch’s company bought the social networking site in 2005 for $580 million and sold it last year to advertising network Specific Media for $35 million, less than one tenth of what they paid for it.
Taking to his newly launched Twitter account, Twitter.com/rupertmurdoch, Murdoch admitted that his company had “screwed up in every way possible” and had “learned lots of valuable expensive lessons”.
As part of the takeover deal, Specific Media brought in Justin Timberlake as part-owner of Myspace and have described him as the “creative force” behind the company.
Timberlake has hinted that he is considering a Myspace talent contest and helped to launch the company’s new venture Myspace TV two days ago. Myspace TV will contain all of the site’s library of 42 million songs and around 100,000 music videos.
Timberlake has described Myspace TV as “taking television and entertainment to the next step by upgrading it to the social networking experience”.