News Corp May Shed MySpace

Posted by at 3:45 pm on November 3, 2010

News Corp might drop MySpace if the service does not start turning around within the next several months.   This statement  came today from New Corp’s Chief Operating Officer Chase Carey during the quarterly fiscal results call . After a $70 million drop in revenue and plummeting traffic, the executive said the results were “not acceptable or sustainable” and implied the site would shut down if it wasn’t fixed. A timetable wasn’t given, but MySpace’s timeframe would be measured “in quarters, not in years,” Carey said.

While MySpace has a new look it but has lost many key people in high-profile departures in the last few months.   Well-known tech entrepreneurs and twin brothers Ali and Hadi Partovi left MySpace in April of this year.   The brothers joined MySpace when News Corp bought iLike from them.

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