Murdoch: buying MySpace was a “mistake”

News Corp’s CEO Rupert Murdoch has admitted he made a “huge mistake” buying social-network MySpace.

News Corp bought the social network in 2005, which was three years later eclipsed by Facebook.

At the time, it wasn’t a foolish buy, he said at a shareholder meeting. “We paid $600 million,” Murdoch said, according to news agency AFP. “We could have sold it for $6 billion a month later.”

News Corp didn’t sell it a month later, instead waiting until this year when it was sold to digital ad firm Specific Media for $35 million.

“I made a huge mistake,” Murdoch said.

“We then proceeded to mismanage it in every possible way,” he said, claiming that “all of the people concerned with it are no longer with the company”.

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