One of the advantages of having three perspectives on a company's conference call is that each set of eyes has a way of seeing different things. This becomes no more evident than with a company like News Corp. (NYSE:NWS). An old-media enterprise inching along with low-single-digit growth certainly provides fodder for Hank Schofield and other bearish-minded investors. But its venture into new markets like MySpace gets bullish investors like Bodhi Zappa revved up.

Fool contributor Stephen Ellis highlighted that News Corp., while growing its top line by only 2.5%, achieved net earnings growth after adjustments of 41%. The bottom line got a significant boost -- to the tune of $206 million, pretax -- from the sale of its investment in Innova, a Mexican satellite operator, to DirecTV (NYSE:DTV). Low-single-digit revenue growth seems appropriate for a big, old-media giant, but as Stephen pointed out, the company's venture into new platforms such as MySpace should instill some fear in Internet-age enterprises like Google (NASDAQ:GOOG) and Yahoo! (NASDAQ:YHOO). Given all the press that MySpace has received lately, we centered our conversation about the conference call on the increasing importance of this new media venture. Bodhi, will you do us the honor of beginning?

Bodhi: While CEO Rupert Murdoch called MySpace a "new media evolution," it's more like a revolution. The Internet website designed to connect friends from all over the world is doing just that -- the latest figures put it at more than 70 million registered users, and in the call, President and COO Peter Chernin indicated that the site is about to eclipse 80 million. This is a huge base from which News Corp. will be able to drive significant advertising revenue.

Hank: Now hold on, partner. I'm not the young buckaroo that I once was, but I have been on MySpace. And according to my last count, there are currently 12 million Paris Hiltons -- 10 million in Los Angeles alone -- and 7 million Brad Pitts. Of course, I'm exaggerating a little, but my point remains the same: Don't put too much stock in that "70 million registered users" figure with the possibility of a lot of fake profiles hanging around. How many unique users this website attracts is a more important question to ask.

Jeremy: That is a valid criticism -- there are more than a few copycat profiles on MySpace, and there are many other profiles that appear to be no longer in use. But there are not enough Brad Pitt wannabes to muster up 30 billion page views last month alone. That 30 billion makes it the second most visited among all websites. This presents a massive growth opportunity for News Corp.

Hank: It does and it doesn't. It depends on how you look at it. One of the qualities that initially set MySpace apart from the other profile-based websites is that it was dedicated solely to the social-networking aspect, all while remaining free to users. The website loses that "freeness" feel when, at every click, you find another advertisement. And when you add in all of these other peripheral features like the new video and comedy sections, does MySpace begin to lose its dedication to connecting friends? I mean, now management is talking about launching a new service called My Network. This led one analyst to question whether My TV will be connected with MySpace. Chernin responded by saying that "there is right now no relationship between" the two. Not now, but later?

Bodhi: What are you suggesting, Hank -- that MySpace be given minimal advertising exposure? Murdoch and gang would not be meeting their fiduciary responsibility to shareholders if they did not maximize their revenue opportunities in the company's investments. If News Corp. can continue to attract 30-plus billion in page views per month, all the while adding new features to attract blue-chip advertisers, then it should. Chernin added that branded advertising is accelerating in part from the website's new additions like the comedy and video sections; Best Buy (NYSE:BBY), Toyota (NYSE:TM), and Pepsi (NYSE:PEP) were just a few of the major corporations added to the MySpace roster. Adding new content and attracting higher-quality advertisers isn't a negative thing. Chernin asserts that it is "a real positive."

Jeremy: A real positive is right. How about $350 million for a nice revenue figure? Management is "highly comfortable" meeting that goal with MySpace this year. In light of the $18 billion-plus in sales that News Corp. has racked up year-to-date, MySpace can start to look like a non-factor. But this is where the integration abilities of a well-diversified media enterprise like News Corp. come into play. Chernin indicated that advertisers "are clamoring for opportunities to have new-media opportunities that are associated with the broadcast opportunities." To capitalize on News Corp.'s ability to do that just that, he added that about a month ago it made an upfront presentation to all of its advertisers called Generation Fox. The purpose of this initiative is to point out to its customers the unique opportunity to take advantage of integrated package deals through its broadcast networks (Fox Broadcasting), cable channels (Fox News), mobile properties (Mobizzo), and Internet sites (MySpace).

Bodhi: Advertisers are looking to reach customers through multiple platforms, and as Chernin noted, "no other media company can duplicate" its ability to accomplish this feat. Shareholders have to like the sound of that.

Foolish bottom line
 Jeremy: When the Internet revolution hit full-steam, many predicted that old-media empires would go the way of the dinosaur. Perhaps this is where Murdoch's usage of "evolution" is most fitting. For just as dinosaurs gave way to other creatures, so too is News Corp. evolving into a new species of media enterprise. MySpace will likely surpass $350 million in revenues this year, but the true value this website will bring through integrated advertising packages has not been calculated. With an evolution under way, this is an exciting time for News Corp. and its shareholders.

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Fool contributor Jeremy MacNealy has no financial interest in any company mentioned. The Motley Fool has a disclosure policy.