Rupert's MySpace mea culpa
War-weary News Corp chief Rupert Murdoch made one concession at the company’s high drama AGM on Friday, stating the MySpace acquisition was a “huge mistake.” The sorry tale of the social network’s digital demise at the hands of NewsCorp began with the purchase of MySpace for $US580 million in 2005. “We paid $US600 million. We …
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Fail bosses and millions all around
Way to go Rupe.
Meanwhile back at the coal face us grunts get back to survival.
Responsibly lies with the directors, surely?
The board decided to purchase, negotiated the price, hired the people and probably interfered like mad in all the wrong ways, so preventing those people doing a good job.
That's what corporate boards of directors do.
Murdock can hand-wave all he likes - he & his management are responsible for the MySpace fiasco. I bet they are quick enough to take the credit (or at least the bonus) for anything good that happens in NewsCorp, they should also take the abuse for the screw-ups.
Silly old codger!
His nepotism also screwed up myspace.cn, which was even cheaper way to make money.
ahem
"I made a huge mistake...all of the people concerned with it are no longer with the company."
..."apart from me, obviously".
Surely the main reason for MySpace going down the shitter
was Facebook?
You have all failed me! Prepare to
get another well-paid job.
Have any of NewsCorp's online aquisitions been successful?
The Milly Dowler settlement realy was *small* change
After myspace.
Corporate wellfare.
Where the penalty for buying a hugely over valued asset and running it into the ground is...
Another very well paid job.
I've often wondered if US executives have "agents" like professional sports people have sports agents to talk their remuneration package up and put a positive spin on their not-entirely-successful plans?
Head he gets a big bonus, tails he gets a severance package.
Meanwhile the stock holders (AKA the *owners of the company) get a chunk knocked off their dividend payments.
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