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.
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]