back to article Rupert's MySpace mea culpa

War-weary News Corp chief Rupert Murdoch made one concession at the company’s high drama AGM on Friday, stating the MySpace acquisition was a “huge mistake.” The sorry tale of the social network’s digital demise at the hands of NewsCorp began with the purchase of MySpace for $US580 million in 2005. “We paid $US600 million. We …

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  1. Winkypop Silver badge
    FAIL

    Fail bosses and millions all around

    Way to go Rupe.

    Meanwhile back at the coal face us grunts get back to survival.

  2. Mike Street

    Responsibly lies with the directors, surely?

    The board decided to purchase, negotiated the price, hired the people and probably interfered like mad in all the wrong ways, so preventing those people doing a good job.

    That's what corporate boards of directors do.

    Murdock can hand-wave all he likes - he & his management are responsible for the MySpace fiasco. I bet they are quick enough to take the credit (or at least the bonus) for anything good that happens in NewsCorp, they should also take the abuse for the screw-ups.

  3. earplugs

    Silly old codger!

    His nepotism also screwed up myspace.cn, which was even cheaper way to make money.

  4. Throatwobbler Mangrove
    FAIL

    ahem

    "I made a huge mistake...all of the people concerned with it are no longer with the company."

    ..."apart from me, obviously".

  5. Alistair MacRae

    I'm impressed

    I didn't think anyone used myspace anymore?

  6. Anonymous Coward
    Anonymous Coward

    Surely the main reason for MySpace going down the shitter

    was Facebook?

  7. Francis Boyle Silver badge

    You have all failed me! Prepare to

    get another well-paid job.

  8. David Evans

    Have any of NewsCorp's online aquisitions been successful?

  9. John Smith 19 Gold badge
    FAIL

    The Milly Dowler settlement realy was *small* change

    After myspace.

  10. Sam Therapy
    Meh

    Meh

    As above.

  11. John Smith 19 Gold badge
    Flame

    Corporate wellfare.

    Where the penalty for buying a hugely over valued asset and running it into the ground is...

    Another very well paid job.

    I've often wondered if US executives have "agents" like professional sports people have sports agents to talk their remuneration package up and put a positive spin on their not-entirely-successful plans?

    Head he gets a big bonus, tails he gets a severance package.

    Meanwhile the stock holders (AKA the *owners of the company) get a chunk knocked off their dividend payments.

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