The Google-Myspace deal had minimum traffic requirements, thus it isn't clear that they made the $900M from Google:

http://mashable.com/2010/12/16/myspace-google-search-deal/

Revenues != profits. If you don't know, or even have a decent estimate of, profits, it's hard to really judge the deal. However, I don't think Murdoch went into this deal planning that he'd have a $540 million capital loss in just five or six years.