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Murdoch: $580 Million MySpace Buy A ‘Huge Mistake’ [Headlines]

Media mogul regrets large buyout of social media company.

Nestor Bailly, PSFK
  • 24 october 2011

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.

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