News Corp. Looking to Flip MySpace Search

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When Rupert Murdoch's News Corp. bought MySpace for $580 million in cash last year the second thought of most people we know was "how could they possibly make a decent return on investing that much in a social network site mostly made up of teenagers?" (Everyone's first throught was "Why the *(%$^! didn't I start a social networking site for teenagers?")
Now we know. They expect Google to bail them out.
From Marketwatch:

Rupert Murdoch's News Corp. could auction off the MySpace search business to one of the larger search providers like Google Inc., Yahoo Inc. or Microsoft Corp.'s MSN, a senior News Corp. executive said Tuesday.
Chief Operating Officer Peter Chernin, speaking during a question-and-answer session at the Deutsche Bank Media & Telecom Conference in New York, said that such a move would be one of the most lucrative ways to monetize MySpace...

So this was News Corp's big plan: to partner up with a big search company to make money? It's nice that News Corp's business plan is just like the business plan of every other "this is not a bubble" new web start-up.

News Corp. to auction MySpace search
[MarketWatch]

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