Sure, they acquired MySpace, but this just proves that News Corp knows how to overpay for a company these days, which seems to be a new skill they’ve developed recently. The MySpace audience could easily disappear as quickly as it grew, particularly if News Corp continues to play silly buggers with what content it allows.

Remember how Friendster was once the darling of the 20-something space and now is looking disticctly wall flowerish?

As far as $1 billion is concerned, it sounds big, but the reality is that MySpace cost $580 million, so it’ll buy them roughly another two of these. Too little, too late IMHO.

But I agree, one can never write off Murdoch and he may well pull something out of the bag. Never underestimate a man who closed his key newspaper (The Times) for 18 months basically on a point of principle.

Russell

…online is all about pay-per-click, where we have no presence or expertise, and a hell of a lot of content in the future will be generated by Citizen Journalists.

What about MySpace? What about setting $1bn aside for internet acqusitions? Murdoch *knows* and he won’t play nice.