Empty space for MySpace

You might recall that News Corp. scrapped plans earlier this year to move its struggling social networking site into 420,000 square feet of space in Playa Vista. The decision was part of a cost-cutting move. Trouble is, as reported by the FT's Matthew Garrahan, News Corp. is stuck with a 12-year lease worth about $350 million. No luck yet in subleasing the digs - and by next June the rent will increase to nearly $2 million a month.

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:
Letter from Down Under: Welcome to the Homogenocene
One last Florida photo
Signs of Saturday: No refund
'I Am Woman,' hear them roar
Bobcat crossing
Previous story: Monday morning headlines

Next story: Ken Auletta anyone?

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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
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