MySpace loses chunk of Google search deal after missing targets

News Corp has revealed that MySpace stands to lose out on $100 million of its $900 million search deal with Google, due to falling traffic. The three-year deal was agreed in 2006, and involved Google providing exclusive search ads for the social network for $300 million a year. However, minimum traffic guarantees were tied in, and with users deserting MySpace in their millions this year, the site looks set to fall short. The news was announced during News Corp’s Q3 financials call yesterday. “We’re still losing traffic,” said COO Chase Carey. “It’s a business in transition.”