Redstone's 'humiliating experience'

Sumner Redstone has become the new Barry Diller when it comes to candid public comments. The Viacom chairman's interview with Charlie Rose on Wednesday will be getting lots of play today, especially the part about losing MySpace to, of all people, Rupert Murdoch. "It was a humiliating experience," he said. Redstone claims that before Murdoch got interested, MySpace was ready to be purchased for $500 million - and Viacom CEO Tom Freston didn't grab it. Now, of course, he's the ex-CEO. Murdoch's News Corp. wound up buying MySpace, then based in Santa Monica, for $580 million. Redstone claims it's now worth $1.5 billion (sounds quite high compared with other estimates). Redstone said Viacom isn't interested in another social networking site, Facebook, because the price is too high. He was non-commital about YouTube.

More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAX
Socal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
Recent stories:
Siri versus Hawaiian pidgin (video)
Letter from Down Under: Welcome to the Homogenocene
One last Florida photo
Signs of Saturday: No refund
'I Am Woman,' hear them roar

New at LA Observed
On the Media Page
Go to Media

On the Politics Page
Go to Politics
Arts and culture

Sign up for daily email from LA Observed

Enter your email address:

Delivered by FeedBurner

Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
LA Observed on Twitter and Facebook