TheStreet.com had a phone interview with News Corp. chairman and CEO Rupert Murdoch, in which the media titan spoke about the layoffs at MySpace and his impressions of Twitter.

Murdoch on MySpace:

The business sort of grew out of control and really out of size. I blame myself, and it had to be brought back in size, but we feel that we’ve got new creative people and it will be a very strong force in many ways and shouldn’t be compared…I mean, it will be a very different social site to, say, Facebook. Facebook is more of a directory. People go looking for their relatives or their friends, who they are going to meet. With MySpace, people go there to find common interests, share music, that sort of thing.

Murdoch on Twitter:

It’s an amazing phenomenon but I have no idea how they can monetize it. No one monetizes the Web today to any extent other than search.