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News Corp. Execs Admit MySpace ‘Big Mistakes’ But Insist Trends Are Better

Maybe Ross Levinsohn had a worst-case scenario where nearly five years after the acquisition of MySpace for $580 million, top News Corp (NYSE: NWS). execs told analysts MySpace was a “work in progress” with a goal of being cash positive next year. Maybe, but if that was the case, I think Rupert Murdoch would have let Tom Freston win. (No shortage of irony that one of the people building that foundation, MySpace Co-President Jason Hirschhorn, was on the Viacom (NYSE: VIA) team.)

After yet another quarter of admitting steeper losses, Murdoch was terse but frank when the topic came up during Wednesday’s earnings call, told an analyst who asked if any structural change was coming for MySpace within News Corp., “No, we’re the leading music site now.” (*comScore* listed MySpace Music as the #1 music site by pagviews in March.)

The News Corp. chairman and CEO added: “We’ve got to admit that during the last two or three years, I think we made some big mistakes. But we’ve got fine new management now; they’ve started to introducing new features. There’ll be a lot of changes coming through the summer. The early indications — and they