The category of News Corp's business that includes MySpace lost $174 million in the fourth quarter, worse than the $136 million it lost in the same period last year, the parent company said on its earnings call this morning. But News Corp plans to stick with the beleaguered social networking site, the company said, and a 'major overhaul' will be finished in a few months. Sponsor MySpace has been struggling for years to remain relevant alongside more trendy sites like Facebook and Twitter.
Senh: I wonder if more cuts are on the way, especially if the Google deal is significantly reduced. It's still the second largest social networking site on the web. Twitter, with all its hype, is still not making much money and lower traffic.
