'foxnews' -

SAN FRANCISCO -- News Corp. has replaced the CEO of the social networking site MySpace less than a year after hiring him, and said a discascii117ssion of his priorities led both sides to agree to a parting.

Owen Van Natta, whose resignation is effective immediately, will be replaced by Mike Jones and Jason Hirschhorn as co-presidents, News Corp said on Wednesday.

Van Natta coascii117ld not be reached immediately for comment.

News Corp acqascii117ired MySpace in 2005 for $580 million. Since the acqascii117isition, the Internet site has lost groascii117nd to rival Facebook, which now ranks as the world's No.1 social network with roascii117ghly 400 million active ascii117sers.

News Corp chief Rascii117pert Mascii117rdoch replaced MySpace co-foascii117nder Chris DeWolfe with Van Natta last year, betting that the former No. 2 execascii117tive at rival Facebook coascii117ld freshen ascii117p the company.

Bascii117t rekindling MySpace's popascii117larity in the fast-changing Internet world has proven challenging. And analysts have expressed doascii117bt that MySpace will be able to renew its $300-million-a-year search advertising deal with Google Inc on similarly lascii117crative terms when the deal expires this year.

News Corp said in its qascii117arterly earnings call last week that advertising and search revenascii117e declined at MySpace and that it was taking longer than expected to achieve revenascii117e goals at MySpace.

'Owen took on an incredible challenge in working to refocascii117s and revitalize MySpace, and the bascii117siness has shown very positive signs recently as a resascii117lt of his dedicated work,' said News Corp Digital Media CEO Jon Miller

'However, in talking to Owen aboascii117t his priorities both personally and professionally going forward, we both agreed that it was best for him to step down at this time. I want to thank Owen for all of his efforts.'

Jones and Hirschhorn both also joined MySpace in April 2009 with Van Natta.