London, UK – Despite the steady decline of News Corp-owned MySpace, owner Rupert Murdoch has ruled out selling it – or buying Twitter.
He said Twitter had not yet come up with a way to make sustainable profits, and would therefore be a difficult investment to justify.
Twitter is widely regarded as being ripe for a takeover – and News Corp had been widely tipped as a possible buyer. But, speaking at Allen & Co’s Sun Valley conference, Murdoch said, “Be careful of investing here.”
Asked about selling MySpace, he said, “Hell no.”
News Corp bought MySpace in 2005 for $580 million. But over the years, it has lost out to Facebook and also Twitter. MySpace recently laid off about 700 employees – a third of its staff.
Other possible purchasers tipped to buy Twitter have included Apple and Google.