News Corp hit by MySpace decline

The MySpace social networking site has dented the financial performance of its parent company News Corp.

In the company's Q1 financials, News Corp...

The MySpace social networking site has dented the financial performance of its parent company News Corp.

In the company's Q1 financials, News Corp reported a $156m loss from its "other" segment, which covers its digital media businesses.

This is $30m worse than last year. "The decline was primarily due to lower contributions from the Digital Media Group, principally stemming from lower search and advertising revenues at Myspace," News Corp said.

The troubled social networking site has gone through a facelift.

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