Thursday, July 09, 2009

News Corp won't buy Twitter, won't sell MySpace

SUN VALLEY, Idaho (Reuters) – News Corp is not interested in buying popular microblogging site Twitter and will not sell its struggling social network MySpace, chief executive Rupert Murdoch said on Wednesday.

Murdoch, attending Sun Valley media and technology conference, said Twitter would be a tough investment to justify because it has not yet come up with a sustainable way to make money.

"Be careful of investing here," he said of Twitter.

Speculation is running rampant at the 27th Sun Valley conference over which company might want to buy Twitter. The service, which lets people post to Web what they are thinking or doing in 140 characters or less, is growing in popularity.

Twitter co-founder Evan Williams is widely considered one of the darlings of this year's conference. Sun Valley often features hot Internet start-ups that older media conglomerates would like to buy to enhance their own businesses.

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