NEWS CORP. MAY SHUT DOWN MYSPACE

MySpace may be in some trouble. The once popular social networking site is in danger of being shuttered. According to News Corp. COO Chase Carey the site is losing tons of money and is unsustainable.

During on an earning call Carey said "We’ve been clear that MySpace is a problem. The current losses are not acceptable or sustainable." and he wants to see Myspace on “a clear path to profitability” on a timetable measured “in quarters, not in years.”

News Corp. paid $850 million for the networking site back in 2005. Of course this was before Facebook emerged and became the dominant force in the sector leaving MySpace in the dust. [Geek]