• Reuters, Thursday, July 9, 2009 12:15 PM

News Corp. Chairman Rupert Murdoch arrived in Sun Valley, Idaho on Wednesday for the annual Allen & Co. media and technology confab warning his media mogul peers against buying Twitter, the red-hot microblogging service. Murdoch said it would be a tough investment to justify because Twitter has yet to come up with a sustainable business model. "Be careful of investing here," he said.

Meanwhile, Twitter is being represented at the annual conference by co-founder Evan Williams. There's plenty of speculation as to which media giant might want to buy the Web startup. As Reuters notes, the Sun Valley conference is renowned for deal making.

When asked if he would consider buying Twitter, Murdoch replied, "No." And selling MySpace? "Hell no." News Corp. bought MySpace in 2005 for $580 million as the social networking service was nearing the height of its popularity. It has since been usurped by Facebook as the Web's No. 1 social network. In the brief interview with Reuters, Murdoch expressed confidence in MySpace and criticized Facebook. "Facebook is like a directory," he said. "How they make money is another matter."

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