Murdoch on MySpace: 'We screwed up in every way possible'

That was his simple and succinct tweet Thursday night, adding that, "[we] learned lots of valuable expensive lessons." In case you've missed it, the News Corp. chairman is now on Twitter and his every tweet is getting examined closely. News Corp. bought MySpace in 2005 for $580 million, and then saw the bottom fall out before finally unloading the L.A.-based social networking site last year for $35 million. (The Wrap)

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 Celebrity stories:
Conrad Murray released from LA county jail this morning
AEG not liable in Michael Jackson's death, jury rules
Bob Hope estate in Toluca Lake listed for $27.5 million
Streisand, Tom Cruise take in Anne Frank preview
Sarah Silverman's touching obituary for her beloved Duck

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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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