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Rupert Murdoch On MySpace: 'We Made Some Mistakes'

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MySpace has been losing everything from traffic to CEOs.

In February, MySpace CEO Owen Van Natta stepped down after less than a year on the job and there's been speculation that MySpace may now be worth less than what Rupert Murdoch paid for it ($580 million in 2005)--"if it's worth anything at all," quips Business Insider.

So what does the media mogul have to say for his ailing social network?

According to a tweet from PaidContent editor Robert Andrews during a NewsCorp earnings call earlier today, Murdoch fessed up to having "made some mistakes" with MySpace.

Andrews tweeted the following:

Murdoch on MySpace: "We've got to admit that, in the last 3 or 4 years, we made some big mistakes." Carey: "MySpace is a work in progress."less than a minute ago via Brizzly

Murdoch also commented on the iPad. Interestingly, his language--it will "lead a revolution"--seems to echo Steve Jobs' description of Apple's new tablet as a "magical and revolutionary" device:

Murdoch on $NWS call: "iPad will lead a revolution in media consumption. Unlike Kindle, we keep 100% of subscription revenue from iPad"less than a minute ago via Brizzly

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