Murdoch still likes MySpace

A late convert to the internet age, Rupert Murdoch has reiterated his commitment to the MySpace business, despite a slew of lay-offs at the social networking site and a view that “no one monetizes the Web today to any extent other than search.”

In an interview with, News Corp’s chairman denied that MySpace’s ambitions were being curtailed, saying the changes were aimed at “getting first things right first”.

“The business sort of grew out of control and really out of size,” Murdoch said. “I blame myself and it had to be brought back in size, but we feel that we've got new creative people and it will be a very strong force in many ways and shouldn't be compared ... I mean, it will be a very different social site to, say, Facebook…[which is] more of a directory. With MySpace, people go there to find common interests, share music, that sort of thing.”

Murdoch added that US internet TV site Hulu was “an evolving company and we’re very pleased with it.” The UK is likely to be the first overseas territory for Hulu.