MySpace Costs News Corp. $275 Million In Just Three Months

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MySpace is still up for sale, and News Corp. is claiming a lot of interest – which is probably a good thing, considering the site has cost the company $275 million in the last three months of 2010 alone. MySpace was responsible for dragging losses for News Corp’s Digital Media Group from $31 million to $156 million in the same time period – the other two parts of the group, Fox Mobile and Digital’s outdoor business, grew in success during the same period – making it no surprise that News Corp. is continuing to look for some way of easing the strain the site brings. News Corp. COO Chase Carey told analysts,

The new MySpace has been very well received by the market and we have some very encouraging metrics. But the plan to allow MySpace to reach its full potential may be best achieved under a new owner.

A new owner with deep pockets, one would hope…

More On Techland:

5 Failed Social Networks Even Worse Than MySpace

Tomorrow Is Final Day For 600 MySpace Employees

News Corp.: We Don’t Know What To Do With MySpace

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