News at MySpace!!! And BskyB...

Bought for $580m, sold for $35m: Murdoch cuts his MySpace losses
By Stephen Foley in New York
Rupert Murdoch's six-year stewardship of the social-networking pioneer MySpace reached its ignominious end last night as the media mogul sold the company for less than one-tenth of the price he paid for it.
Read the Independent article here.

Justin Timberlake buys his own social network with Myspace investment
Singer turned actor Justin Timberlake takes a stake in $35m purchase of Myspace from News Corp
Read the Guardian article here.

Meanwhile, Murdoch has also been busy on the BskyB front.
Rupert Murdoch BSkyB takeover gets government go-ahead
Read the bbc online report here.
(And watch the video: Jeremy Hunt says the deal ensures Sky News will be 'more independent')