Murdoch: $580 Million MySpace Buy A ‘Huge Mistake' [Headlines]
Media mogul regrets large buyout of social media company.
News Corp CEO Rupert Murdoch said his company's $580 million purchase in 2005 was a mistake.
Murdoch said MySpace was chronically mismanaged “in every possible way,” according to a report by the Associated Free Press.
“We could have sold it for $6 billion a month later,” Murdoch said, according to the AFP report.