During News Corp’s earnings call this week, COO Chase Carey addressed Myspace’s ongoing struggles to return to relevance by stating the unit had a very short time to turn itself around.

“The current losses are not acceptable or sustainable,” he said, adding he wants to see a “clear path to profitability” in a timeframe that will be measured “in quarters, not years.”

That gauntlet adds even more weight to the company’s recent relaunch, something Carey said is a source of optimism.

“We feel really good about this relaunched product and it’s been generally well received by the opinion makers in the business,” he said.

According to details shared in the earnings call, Myspace lost $156 million last quarter on revenues of $298 million, down 25% from the previous year. Given that News Corp. acquired Myspace in 2005 for $327 million, those have got to be disappointing results.