Viacom chairman Sumner Redstone said the media giant will not bid on social-networking site Facebook (www.facebook.com), Reuters reported.
In an interview that aired on PBS’ The Charlie Rose Show Wednesday night, Redstone also admitted that he ordered former CEO Tom Freston to buy MySpace.com (www.myspace.com), which rival News Corp. ended up acquiring, Reuters reported.
"It was a humiliating experience," Redstone said of losing the $580 million deal to News Corp. chairman Rupert Murdoch. “Before Rupert got into the act, MySpace was sitting there for $500 million, and Tom didn't take it.”
According to Reuters, on the subject of Facebook, Redstone told Rose, "We would not consider Facebook. We looked at it. The price is too high." The Wall Street Journal reported in September that Facebook was in discussions to sell itself for close to $1 billion to Yahoo!.
As far as Viacom’s Internet strategy, Redstone told Rose, “We would look at companies on the cutting-edge of greatness and [where] we could make it grow,” according to Reuters.