In a market share race that is mirroring the cable news ratings battle, Facebook has caught up with its once much bigger rival MySpace:

“Facebook hit the mark in April 2008 by posting 115 million unique monthly visitors. Myspace has maintained similar traffic numbers for the past year, but Facebook has grown from less than 40,000 unique monthly visitors in April 2007 to the 115 million that it is today.”

This is exactly what has happened to News Corporation’s other former media powerhouse, Fox News, which has remained stagnant over time while MSNBC has more than doubled its audience.

Rupert Murdoch’s empire is crumbling beneath his feet.