Rupert Murdoch on Myspace: “It grew out of control. I blame myself”

Media mogul Rupert Murdoch is a legend in his own lifetime. With business interests spanning newspapers, TV, film and online media, the News Corp CEO has built up a personal net worth of some $4bn.

Here’s a few exerpts from TheStreet.com’s interview with the man behind the news.

TheStreet.com’s Dan Freed: "There’s been a lot of shakeup at MySpace. Why are you shutting down your global ambitions?"

Rupert Murdoch: "We’re not. We’re just getting first things right first. The business sort of grew out of control and really out of size. I blame myself and it had to be brought back in size, but we feel that we’ve got new creative people and it will be a very strong force in many ways and shouldn’t be compared … I mean, it will be a very different social site to, say, Facebook."

DF: "What do you think of Twitter?

Murdoch: "It’s an amazing phenomenon but I have no idea how they can monetize it. No one monetizes the Web today to any extent other than search."

DF: "Michael Wolff has written in Vanity Fair that you want to buy The New York Times, that you’ve planned out the deal in detail. Is that true?"

Murdoch: "No. That’s nonsense. I don’t think it’s for sale anyway. I haven’t even thought about it. But I would imagine that it would be legally and politically almost impossible, so I’m not thinking about it."

To read the whole transcipt of the Rupert Murdoch interview, click here.

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