In September 2006, Viacom chairman Sumner Redstone stunned the entertainment industry when he fired Freston from the position of CEO. One of the chief reasons for the move was that Freston hadn’t moved decisively enough to buy MySpace, which was then the most popular social networking site; instead Rupert Murdoch’s News Corporation purchased the site for $580 million. Redstone believed that the failure to acquire MySpace contributed to the 20% drop in Viacom’s stock price in 2006 up to the date of Freston’s ouster. Freston’s successor as CEO, Philippe Dauman, was quoted as saying “never, ever let another competitor beat us to the trophy”. Redstone told interviewer Charlie Rose that losing MySpace had been “humiliating,” adding, “MySpace was sitting there for the taking for $500 million.” Murdoch’s company ended up selling Myspace, which had largely declined along with the rise of rival social networking website Facebook, in 2012; News Corp’s sale price at the time was $35 million.