News Corp. Chairman Rupert Murdoch finally revealed, at least in part, his plans for the social-networking website MySpace.com, announcing that the recently acquired site would challenge portals such as Yahoo and MSN, writes iMedia, citing a Wall Street Journal report. Murdoch said MySpace would offer free video downloads, a revamped instant-messaging program and internet calling - the goal being to both attract more users and increase the time they spend on MySpace, and therefore attract more internet advertising.

"The portal model is in danger of becoming out of date," Murdoch is quoted as having said. "Young people know exactly what sites they want to go to, and they go there. They don't have to work their way through Yahoo's or MSN's home pages."

News Corp. also plans to expand MySpace abroad, writes ClickZ. "We're taking it out around the world," Murdoch is quoted as saying. "First in Britain, then in Western Europe, and then in other countries."

"We've got the biggest mass of unsold inventory," said Murdoch. "We have the third most page views of the internet in America." Regarding unsold inventory, he said News Corp. has met with ad networks to "judge whether they can sell it better than we can."

MySpace has signed up 47 million members since its launch in January 2004, according to comScore; in December, it had 32 million unique visitors. (Yahoo had 127 million.)