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You might recall that News Corp. scrapped plans earlier this year to move its struggling social networking site into 420,000 square feet of space in Playa Vista. The decision was part of a cost-cutting move. Trouble is, as reported by the FT's Matthew Garrahan, News Corp. is stuck with a 12-year lease worth about $350 million. No luck yet in subleasing the digs - and by next June the rent will increase to nearly $2 million a month.
More by Mark Lacter:
American-US Air settlement with DOJ includes small tweak at LAXSocal housing market going nowhere fast
Amazon keeps pushing for faster L.A. delivery
Another rugged quarter for Tribune Co. papers
How does Stanford compete with the big boys?
Those awful infographics that promise to explain and only distort
Best to low-ball today's employment report
Further fallout from airport shootings
Crazy opening for Twitter*
Should Twitter be valued at $18 billion?
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Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.