(Originally published on the ABC news site, The Drum 08/07/11) MySpace’s diminished return. By Aaron Flanagan This week, Rupert Murdoch’s News Corporation sold the original social media phenomenon, MySpace, for less than 7 per cent of what they bought it for in 2005. It represents not only a spectacular failure by News Corp to manage new media business, but also is an indication of establishment media’s unwillingness to engage with anything outside their pre-internet comfort zone. Under News Corp, MySpace’s subscribers fell from a peak …