Murdoch marvels at MySpace acquisition

News Corp. Chief Executive Rupert Murdoch said Wednesday he had no idea when he bought online hangout MySpace.com two years ago how explosive social networks would become.

Murdoch, a stalwart of traditional media, marveled at the $580 million acquisition and called himself a "trainee" still trying to embrace the Internet during a talk at the Web 2.0 Summit in San Francisco.

We hoped it would do very well, but we never imagined it would do this well," said Murdoch.

Since Murdoch added MySpace to his media empire in 2005, the number of registered users on the site has more than doubled, from 90 million to 188 million. MySpace attracts substantially more traffic than rival Facebook, but is facing increasing competition.

A year after the acquisition, MySpace secured about $900 million in guaranteed shared advertising revenues over three years from Google Inc. by making the online search leader the site's exclusive search provider.

(Via Miami Herald)

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