News Corp. admits defeat, gives Myspace mere months to improve

News Corp. admits defeat, gives Myspace mere months to improve

Just when things appeared to be on the upswing for good ol’ Myspace! Despite the fact that it recently rebranded its name from “MySpace” to “Myspace,” it seems that making a single letter lowercase doesn’t exactly draw in tons of internet traffic. In fact, News Corp. executives have put the social network on notice, giving them less than a year to save the ailing website.

In a recent statement, Chase Carey, News Corp.’s president, called Myspace “a problem” and noted that the most important issue was building interest with consumers. (You don’t say!) Unfortunately, with quarterly losses increasing by $30 million to $156 million, it might be too little, too late for the aging social network. If the next few quarters don’t improve, a sale rather than a shutdown is expected. Your hear that, Zuck? Looks like you might be able to afford a second pair of sandals after all.

• Myspace: http://www.myspace.com

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