Is MySpace Murdoch's Top Investment?

It could go for a relative pittance, thanks to Facebook

(AP) - News Corp. is hoping to part with struggling social network site MySpace this week, and will likely lay off more than half of the remaining staff of 500, according to a person familiar with the matter. The company is looking to cut a deal tomorrow or Thursday in order to have it completed this fiscal year, which ends Thursday. The All Things D site reported that MySpace was on the verge of being sold for $20 million to $30 million, but the AP source thinks the deal will be much higher and involve cash and stock. More»

Facebook founder tops Steve Jobs, Rupert Murdoch

(NEWSER) - Frighteningly enough, Mark Zuckerberg tops Vanity Fair 's list of this year's most influential people of the Information Age. The top 5 of its 100:

1. Mark Zuckerberg, Facebook: His company is valued at around $25 billion, has more than 500 million members, runs 176 billion banner ads a month, and is looking at $2 billion in revenue this year.
2. Steve Jobs, Apple: He's already saved the music business, now he's looking to do the same for the publishing industry with the iPad. And sales of his market-dominating iPhone will likely top $20 billion this year.

Rival that's overtaken his MySpace merely 'directory,' not network

(NEWSER) - Rupert Murdoch today insulted the rival of his popular MySpace, calling Facebook the “flavor of the month” and a mere “directory”—on the occasion of his social networking sinking to the No. 2 spot in worldwide traffic. The media mogul said Facebook was not a real social network, and pointed to MySpace’s entertainment focus, the Sydney Morning Herald reports. More»

MySpace's marketing-friendly makeover part of sites' evolving drive to cash in

(NEWSER) - A makeover planned to begin Wednesday for MySpace is the latest sign of the continued struggle to make social networking the cash cow many thought it would be when News Corp. bought the site three years ago, the New York Times reports. MySpace's user base has grown from 16 million to more than 118 million since—but still falling short of profit targets. More»

Despite missing revenue targets, Mashable scribe not afraid to 'wax poetic'

(NEWSER) - MySpace fell short of revenue targets in the most recent quarter, but, Adam Ostrow argues in Mashable, it’s still proven a phenomenal deal since Rupert Murdoch’s News Corp. bought it for $580 million in 2005. Revenues from its unit are pulling close to its purchase price and it’s on track to make more with music downloads, sponsorships and targeted ads. More»