Rupert Murdoch On MySpace: 'We Screwed Up'

Rupert Murdoch is not a man who likes admitting failure, but the media mogul admitted to a pretty big mistake on Thursday.

Using his Twitter feed, Murdoch addressed News Corp.'s ill-fated purchase of MySpace, the social networking site that he bought for $580 million and sold just six years later for $35 million. Murdoch didn't mince words, either:

Can we expect a similarly blunt assessment of the phone hacking scandal? We'll just have to wait and see.