Beet Tv covers the story--In their HEADLINE, IT READS...
MySpace Has been a "Calamity for News Corp," Michael Wolff

Michael Wolff, who has written a much talked about book about Rupert Murdoch and the rise of News Corp, sees MySpace in a downward spiral. In this interview with Beet.TV, he calls the acquisition of the social media site a "relative calamity for News Corp." because the giant media company "knows nothing about technology." On stage with Andy Lack, the head of multimedia for Bloomberg, he said the valuation of MySpace would be somewhere around $600 million, about the purchase price.
Andy Plesser, Executive Producer

[youtube=http://www.youtube.com/watch?v=ZOoxuL1xFMM&feature=channel_page]