Is MySpace About to Get Shut Down?S

How bad is the situation for MySpace right now? Pretty bad: Not only is the social networking site losing tons of money, but the chief operating officer of its parent company wants it to rebound "in quarters, not in years."

Poor MySpace! It's hard not to feel bad for the bloated, ugly social networking site these days. While Facebook's membership rolls number around 500 million, MySpace counts its members in the tens of millions. And even with its new redesign, it's not clear it'll last long enough to improve those figures, reports USA Today:

"We've been clear that MySpace is a problem," [News Corp. COO Chase] Carey told Wall Street analysts in an earnings call. "The current losses are not acceptable or sustainable."

He says he's optimistic about MySpace's new focus on social entertainment.

But with traffic numbers that "are not going in the right direction," Carey wants to see "a clear path to profitability" on a timetable measured "in quarters, not in years."

Well! Uh, good luck, I guess.

[USA Today; AFP]