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Rupert Murdoch's company had reportedly been in talks with Yahoo with the aim of integrating MySpace with the internet company's online services.

However, speaking at the annual Bear Stearns media conference Murdoch took the opportunity to back away from the claims citing pricing concerns.

"We're not going to get into a fight with Microsoft, which has a lot more money than us," Murdoch told investors.

Microsoft made an unsolicited $41.4 billion bid to buy Yahoo, and though it was rejected Microsoft has refused to give up on the deal, with many executives already talking about the challenges a combined company will face.