"There are opportunities here to do 20 things (with MySpace) but that doesn't mean you're going to do any of the 20. If there's something there that makes sense you ought to think about it," said Carey.
The site now focuses on entertainment such as music and videos.
Any sale or merger would have been difficult before the revamp, Carey said.
"I think those options would have been pretty limited and I think probably would have undervalued it against what we think it can be," Carey said.
Carey said he expects the site to turn a profit within quarters rather than years.