News Corp. is still trying to unfriend MySpace

News Corp. is on a desperate quest to unload MySpace, and is now in talks with Vevo.

News Corp. is still on a desperate quest to unfriend Myspace -- this time reaching out to online music video network Vevo, according to reports.

A News Corp. executive told The Wall Street Journal on Wednesday that conversations with Vevo are preliminary, and that News Corp. is still considering other options for unloading the pioneering -- but rapidly sinking -- social networking site.

Vevo, launched in 2009, has a complicated ownership structure, which, according to the Journal, could hamper a deal. Sony Music Entertainment jointly owns Vevo with Universal Music Group and Abu Dhabi Media Co. MySpace runs MySpace Music, a joint venture with a few record labels that also have part-ownership of Vevo.

The talks with Vevo demonstrate how the mighty continue to fall. News Corp.'s CEO Rupert Murdoch seemingly can't get anyone to buy into the idea of repositioning MySpace as a hub for music, games, and entertainment.

No matter what News Corp. tries, the debacle grows. You'll recall that the company paid a whopping $580 million for MySpace in 2005, and the division that includes MySpace has lost tens of millions of dollars, mostly due to the site's plunging performance.

MySpace traffic declined 44 per cent in February to 37.7 million unique U.S. visitors compared to a year ago, according to comScore.

It's definitely been a rough patch for your old friend Tom and the gang. Remember Tom? Your first MySpace pal? Earlier this year, MySpace took an ax to its workforce, deleting about 500 of its 1,100 worldwide employees in an attempt to achieve positive cash flow. These layoffs came after two rounds of cutbacks in 2009.

Last summer, MySpace also took the step of letting users push their MySpace activity into Facebook. Even the most obnoxious "star" of MySpace (and some horrible reality TV), Tila Tequila, has moved her account to Facebook.

What Murdoch really needs to do is admit that this is more than a sticky wicket. He should admit he blew it big time with MySpace, stop trying to "reposition" or sell it, and just set it free.

Contact Tom Dunlap at tomdunlap222@gmail.com.

Join the newsletter!

Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection

Tags Internet-based applications and servicesNews Corp.MySpace.comSony Music EntertainmentUniversal Music Groupsocial networkssocial mediainternet

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Tom Dunlap

PC World (US online)
Show Comments

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Ben Ramsden

Sharp PN-40TC1 Huddle Board

Brainstorming, innovation, problem solving, and negotiation have all become much more productive and valuable if people can easily collaborate in real time with minimal friction.

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Ratchada Dunn

Sharp PN-40TC1 Huddle Board

The Huddle Board’s built in program; Sharp Touch Viewing software allows us to easily manipulate and edit our documents (jpegs and PDFs) all at the same time on the dashboard.

George Khoury

Sharp PN-40TC1 Huddle Board

The biggest perks for me would be that it comes with easy to use and comprehensive programs that make the collaboration process a whole lot more intuitive and organic

David Coyle

Brother PocketJet PJ-773 A4 Portable Thermal Printer

I rate the printer as a 5 out of 5 stars as it has been able to fit seamlessly into my busy and mobile lifestyle.

Kurt Hegetschweiler

Brother PocketJet PJ-773 A4 Portable Thermal Printer

It’s perfect for mobile workers. Just take it out — it’s small enough to sit anywhere — turn it on, load a sheet of paper, and start printing.

Featured Content

Product Launch Showcase

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?