The Financial Times recently reported on a new--actually, it's not so new, it's seven years old, which makes it a grand-daddy in this biz--South Korean social networking portal called Cyworld which is planning to crack the US market.
So Cyworld is likely, then, to go into direct competition with Myspace and Facebook. And that means that Cyworld is likely to be in competition, at least indirectly, with the News Corp., which owns Myspace--and which also owns Fox News.
As argued here on TCG, such "social networking," or participatory media is the future of news, as well as everything else. Yes, people want to learn things, and be informed and entertained, but eventually, they will want to participate, too.
