News Corp / Fox Interactive Media, parent company of MySpace, has reported earnings for the 1st quarter earnings of this year. In what has got to be bad news for the social site, they reported 16 percent drop in advertising revenue.

"“Our third quarter results directly reflect the continuing weakness of the global economic climate. Despite this tough environment, we have proven resilient in several key areas this quarter," said News Corp Chairman and Chief Executive Officer Rupert Murdoch.

Change is in the wind, however, at MySpace.

Former Facebook bigwig Owen Van Netta was recently appointed CEO of MySpace.

Facebook has been blowing MySpace out of the water as of late, so time will tell whether this course of action helps MySpace regain some ground.

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