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Murdoch wants more cash from MySpace

by on09 February 2009

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Does not make enough


Media baron
Rupert Murdoch wants Myspace to make News International more cash as the search and advertising revenues at News Corp's Fox Interactive Media division fall.

The new-media unit, invested heavily to expand MySpace, only made $7 million as part of News Corp's $US818 million second-quarter operating income. To make matters worse there was a "slight downturn" in revenue at the social networking site.

Traditional media made Rupert $179 million News Corp made from newspapers including The Wall Street Journal and information services such as the Dow Jones news wire. Murdoch said MySpace has to work out new ways to make cash from its huge audiences.

However the problem with the net was there were so many magazines fighting for small amount of advertising dollars.

More here.
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