Rupert Murdoch's News Corp. have announced that their branch looking after Myspace has posted a massive $150million loss in the fiscal third quarter.
The media conglomerate bought the social networking site for $580million in 2005 but have admitted to big failings recently.
Murdoch himself said at a press conference: “During the last two or three years, I think we made some big mistakes”.
Once the planet's largest social networking site, Myspace's popularity has dwindled with the advent of Facebook and Twitter.
Murdoch insisted that despite its huge losses Myspace is still the largest music-based site based on page views.
As News Week reports, the billionaire also outlined a strategic plan the new management team are working on to turn the business around.
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