News Corp.’s (NWS) MySpace is starting a long, rough rebuilding process as it figures out what it wants to become — an entertainment portal, perhaps — having mostly lost the social networking game to Facebook.
Tom Freston must feel vindicated these days.
Freston was, if you recall, the former Viacom CEO that got canned in 2006 after nine months on the job, in part because he couldn’t pull the trigger on buying MySpace.
Viacom lost that deal to News Corp. in 2005, and Freston lost his job months later.
Not to say that Viacom has been lighting it up on the Web since then. But at least now making something out of MySpace is someone else’s problem.
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