News Corp. chairman Rupert Murdoch told an audience at the Cannes ad festival yesterday that Facebook, "done a great job of being the flavor of the month the last six months of last year." Murdoch went on to dismiss the site as a simple "directory" and, comparing it to News Corp's own MySpace, said "they've not monetized as well as us." If that's the case, Murdoch has a low estimation of Facebook's money-making prowess indeed. Google CEO Eric Schmidt, whose company paid $900 million for the right to sell the ads for MySpace in 2008, said last month it still hasn't figured out a way to profit from the deal.

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