Reuters has a nice long dive of an article looking at how, exactly, MySpace ended up in the toilet after News Corp. bought it for $580 million in 2005. The best part, though, is short and sweet:

Reuters discovered that News Corp. chairman Rupert Murdoch once dismissed Facebook as a mere "communications utility." That was probably shortly before Facebook wiped the floor with MySpace, and far before News Corp. threw in the towel and put MySpace up for sale.