Blog Post

MySpace Living Up To The Hype And Then Some For News Corp. — So Far

Mark Gunther looks at the social network landscape and concludes: “News Corp.’s purchase of MySpace is looking like that rarest of rarities in the media world — a much-ballyhooed acquisition where it turns out that the buyer underpaid.” News Corp. COO Peter Chernin does his best to back that theory, calling MySpace “the best acquisition we’ve made in a long, long time” and “the single biggest growth opportunity this company has.”

News Corp. is pushing hard to mine that opportunity. Ad sales are ramping up and the front page is being repriced from about $100,000 a day to about $750,000 a day, according to Chernin, who cites the $1 million prime real-estate price for Yahoo.