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Edition: U.S. Article Comments (0) Slideshow Follow Reuters Facebook Twitter RSS YouTube Read Scientists find superbugs in Delhi drinking water 4:43am EDT Wisconsin high court challenger declares victory 8:47am EDT U.N. troops surround Gbagbo's "last defenders" | 11:37am EDT Scientists find superbugs in Delhi drinking water 2:29am EDT Strong earthquake shakes Japan's ruined northeast coast 11:28am EDT Discussed 114 U.S. to reach debt limit by May 16: Geithner 78 Stumbling blocks remain in budget fight 72 US Republican budget plan would cut $5.8 trln in 10 yrs Watched Robotic bird takes flight into the future Mon, Apr 4 2011 Ouattara forces storm Gbagbo bunker Wed, Apr 6 2011 High price for a government shutdown Wed, Apr 6 2011 small business Is social media the elephant in the room? GoDaddy founder Bob Parsons caused a stir when he posted a video of him killing an elephant on Twitter. It's the latest example of the inherent dangers of social media and small businesses should take heed to avoid pulling a "Parsons." Full Article Managing elephant-sized social media blunders The do's and don'ts of securing a domain name 5 signs you need a marketing makeover Special report: How News Corp got lost in Myspace Tweet Share this By Yinka Adegoke NEW YORK (Reuters) - As Rupert Murdoch stepped into the Grand Ballroom of San Francisco's Palace Hotel at the Web 2.0 conference in October 2007, the developers and engineers who packed the room fell into a respectful hush. It was... Email Print Related News Glenn Beck and Fox News end daily TV show Wed, Apr 6 2011 Dish expands its scope with Blockbuster win Wed, Apr 6 2011 S&P 500 index edges higher on light volume Wed, Apr 6 2011 FTC, Justice Dept mull Google antitrust probe Tue, Apr 5 2011 Nasdaq index rebalancing slashes Apple's influence Tue, Apr 5 2011 Analysis & Opinion How does the payrolls report come out so quickly? Full transcript of Robert Zoellick Newsmaker Related Topics Technology » Media » iPad » 1 / 3 News Corp Chairman Rupert Murdoch (R) and MySpace Chief Executive Chris DeWolfe speak at the Web 2.0 summit in San Francisco, California, in this October 17, 2007 file photo. Credit: Reuters/Kimberly White By Yinka Adegoke NEW YORK | Thu Apr 7, 2011 11:46am EDT NEW YORK (Reuters) - As Rupert Murdoch stepped into the Grand Ballroom of San Francisco's Palace Hotel at the Web 2.0 conference in October 2007, the developers and engineers who packed the room fell into a respectful hush. It was the sort of greeting usually reserved for one of their own tech heroes, not a 76-year-old media mogul. Sitting cross-legged on a red leather couch, Murdoch looked relaxed in an open-necked shirt. Next to him sat Chris De Wolfe, the co-founder of Myspace, the social network that News Corp's chairman had acquired for $580 million two years earlier. De Wolfe had spent weeks trying to sell Murdoch's advisers on the conference, which he saw as a kind of digital coming out party for his boss. But those close to the News Corp chairman worried he might embarrass himself in front of the technorati. Murdoch wasn't concerned. "I'll do whatever we need to do for Myspace," he told associates. After the conference, Murdoch and De Wolfe ambled across the road to a party hosted by Myspace inside San Francisco's Museum of Modern Art. At one point, 20-odd people stood in line for a chance to speak with him. "He was like a rock star," De Wolfe later told a friend. Today, Murdoch has clearly lost his affection for Myspace. In fact, News Corp has put the money-losing site on the block. Some believe News Corp might be willing to unload Myspace at a bargain price. News Corp's bankers Allen & Co have been approached by nearly 20 parties, including Chinese Internet holding company Tencent; Myspace's original co-founder De Wolfe backed by Austin Ventures; and the current management led by Mike Jones, who would consider a buyout if he can raise the funds, according to people with knowledge of the various plans. News Corp has also approached Vevo, an online music video site jointly owned by Universal Music, Sony Music and Abu Dhabi Holdings, to discuss a possible joint venture. Whatever the outcome, the nearly six-year-old marriage has become the latest example of what can happen when a traditional media company imposes its will -- and business plan -- on a start-up that has not yet reached its potential. Interviews with executives who have worked for Myspace and News Corp underscore a stubborn cultural divide that they say exacerbated the once dominant site's problems and hastened its decline. Myspace has now been eclipsed by a rival that Murdoch once dismissed as a "communications utility" -- Facebook. INTERNET FAILURES Plenty of big media companies have misfired in their bids to retool for the Internet age. But few stuck their neck out on as high-profile an opportunity as Murdoch did with Myspace. It was perhaps the most closely-analyzed media coupling since the disastrous AOL-Time Warner merger in 2001. And while the Myspace deal was relatively small for a company of News Corp's size, it nonetheless changed perceptions in crucial ways. News Corp came to be seen as a company of the future, while social media was suddenly considered a serious business opportunity. Before Myspace, Murdoch had a checkered history in the digital arena. He pursued a rash of unsuccessful investments in the nineties -- including Internet service provider Delphi and a Web portal attempt called iGuide -- after his younger son James introduced him to the Web. For a time following those mishaps, he seemed to shun the Internet altogether. Then in late in 2004, people close to him say, he had a change of heart. Murdoch shifted tactics. He set aside a war chest of $2 billion and handpicked a team of young executives to look at possible ways to use the Web as a distribution platform. That team was composed of four rising stars: Ross Levinsohn, Adam Bain, Travis Katz and Michael Kirby. They became the backbone of Fox Interactive Media. Right away, they identified several targets including business news site MarketWatch, Career Search, games network IGN and tech news site CNET. "But Myspace was the one they thought was the most intriguing with the highest risk and likely best reward," said a former News Corp insider at the time. 1 2 3 4 5 6 Next Technology Media iPad Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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