News Corp chief executive, Rupert Murdoch has stated he is not interested in buying popular microblogging site Twitter and will not sell its struggling social network MySpace.
News Corp bought MySpace in 2005 for $580 million when the social networking service was nearing the height of its popularity, particularly among young internet users. Since then, it has ceded ground to rival Facebook as well as Twitter.
Murdoch stated that Twitter would be a tough investment to justify because it has not yet come up with a sustainable way to make money.
Asked if he was considering buying Twitter, Murdoch said "No." Asked about selling MySpace, he said, "Hell no."
News Corp has recently ousted MySpace co-founder and CEO Chris DeWolfe and brought in its own management team as well as laying off more than 400 workers, approximately 40% of its staff, in the United States as well as in other countries.
Murdoch further expressed his confidence in MySpace and criticised Facebook by saying he believed "Facebook is like a directory. How they make money is another matter."
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