Myspace Haiku

Myspace Haiku

Myspace Haiku
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4:20 they all got high;
4:22 they said by bye.

News Corp. Says MySpace Founder DeWolfe to Step Down (Update1)

By Adam Satariano/Bloomberg News

April 22 (Bloomberg) -- MySpace co-founder Chris DeWolfe will step down as chief executive officer of the social- networking Web site after falling behind rival Facebook Inc.

A replacement wasn’t named. DeWolfe will remain an adviser, Jonathan Miller, the top digital officer for parent News Corp., said today in a statement. MySpace President Tom Anderson is in talks with Miller about a new role.

DeWolfe co-founded MySpace with Anderson in 2003 and ran the company for almost four years under Rupert Murdoch’s News Corp. Former Facebook Chief Operating Officer Owen Van Natta is likely to replace DeWolfe, the Wall Street Journal’s All Things D Web site reported today. Van Natta now runs the music startup Project Playlist.

“I don’t think advertising growth has reached their initial expectations,” said Michael Morris, a New York-based analyst with UBS AG. He rates News Corp. stock “neutral” and doesn’t own it. “The initial hopes of the business probably haven’t been realized.” (more...)

Meanwhile the south pole continues to melt: (picture courtesy Seedmagazine)