News Corporation's president has spoken out publicly against the financial state of social network MySpace, saying that the losses from the social network are 'neither acceptable or sustainable'.

MySpace has been put on notice by parent company News Corp, with Chase Carey, News Corp's president, noting MySpace "is a problem" after quarterly losses in its News Corp's digital and other activities increased by $30m to $156m (£97m).

MySpace relaunches

MySpace relaunched recently as a music and entertainment network and, interestingly, with concurrent marketing blurb claiming the site was now a 'complement' to Facebook, not a competitor.

That didn't stop Chase Carey from noting this week that "traffic numbers are still not going in the right direction" and MySpace's performance is being judged "in quarters, not in years".

News Corp originally bought MySpace back in 2005 for $580m (£360m) in 2005.

Overall, News Corp's net income in the company's first quarter to 30 September 2010 increased by 36 per cent to $775m across all of its businesses, from 20th Century Fox film and Fox News through to Star TV in Asia.

Via The Guardian