MySpace loses $150m in Q3

MYSPACE, THE FINAL FRONTIER: The News Corp. division that includes MySpace posted a $150 million loss in the company's Q3, but Rupert Murdoch was quick to point out during the earnings call that “we’re the leading music site now,” though company President/COO Chase Carey admitted that the struggling site is "clearly...a work in progress." Murdoch also copped to the fact that, "during the last two or three years, I think we made some big mistakes," according to PaidContent, but suggested that things are on the upswing. "We've got fine new management now; they've started to introducing new features," he told reporters. "There'll be a lot of changes coming through the summer. The early indications—and they're only early indications—are we're getting more visitors and they're staying longer. When that gets more substantial, we'll get more advertising." News Corp. bought MySpace in 2005 for $580 million. (5/6a)