Over the past year, we've posted a few entries here on County Fair about News Corp chairman Rupert Murdoch's online escapades:

• Rupert Murdoch, tech-genius, preparing for war with Google?
• Does Rupert Murdoch have his eye on Twitter?
• Rupert Murdoch's MySpace blunder

Now, over on Newser.com, Michael Wolff makes the case that MySpace and the Internet could be Murdoch's downfall (cue the torrent of angry emails and phones calls by News Corp/Fox News publicists that Wolf is bound to receive):

Wolff writes:

One of the many things that Rupert Murdoch is good at is dealing with failure. It is worthy of a business school case study how News Corp. has so often managed not to acknowledge or be blamed for its messes. This includes DirecTV, TV Guide, his MCI satellite joint venture, his great investment in China, the Times of London, pretty much every newspaper he's bought in the US, including, perhaps most notably, the Wall Street Journal, as well as all of Murdoch's Internet ventures-Delphi, iGuide, Pagesix.com, and, most recently, MySpace, briefly the crown jewel of News Corp.

Sometimes he merely manages failure, as with the Times of London and the New York Post, whose losses he has shouldered for more than 30 years (representing, quite possibly, the largest aggregate loss of any media properties ever). Other times, he declares victory and sells off a troubling asset, as with DirecTV (he spent six years trying to acquire the company, then almost immediately got rid of it). Other times he just disappears the problem, as with most of his Internet investments (who even remembers them?). The job is not to be caught; the job is to keep others from perceiving him as a failure.

Be sure to read Wolff's entire piece here.