nsane.forums Posted June 29, 2011 Share Posted June 29, 2011 MySpace, the once mighty social networking web site that is now a shadow of its former self, has been officially sold off by its former owner News Corporation to the advertising company Specific Media. AllThingsDigital reports that the final sale price for MySpace turned out to be $35 million which is slightly higher than previous estimates of between $20 million to $30 million. However it's still well below the $100 million price tag that News Corporation was reportedly looking for at one point. In an email to MySpace employees that confirmed the sale (and reprinted on TechCrunch) MySpace's current CEO Mike Jones also confirmed he would be leaving the company over the next couple of months as he assists Specific Media on the transition to the new owners. He also confirmed that there would be "a significant reduction in our workforce." AllThingsDigital reports that as many as half of MySpace's 400 current workers could be laid off. News Corporation bought the once high flying MySpace for a whopping $580 million in 2005. However the site started losing visitors to its biggest rival Facebook and started to lose money for News Corporation. The company wanted to sell off MySpace before the end of June so it could get it off the books before the end of News Corp's current fiscal year. As far as MySpace's new owners, Specific Media was formed in 1999 and is one of the biggest providers of online ads with 170 million unique visitors recorded by the company in May. View: Original Article Link to comment Share on other sites More sharing options...
Maxhedroom Posted June 30, 2011 Share Posted June 30, 2011 Pardon me if I laugh myself to tears. Murdoch is human pond scum to put it mildly. :lmao: Link to comment Share on other sites More sharing options...
RadioActive Posted June 30, 2011 Share Posted June 30, 2011 580 mil? 35 mil? I wouldn't pay $30 for it or any other "social network" for that matter! Link to comment Share on other sites More sharing options...
KotaXor Posted July 1, 2011 Share Posted July 1, 2011 co-own by Justin Timberlake?"The Social Network" must have got to him. Link to comment Share on other sites More sharing options...
Atasas Posted July 1, 2011 Share Posted July 1, 2011 580 mil? 35 mil? I wouldn't pay $30 for it or any other "social network" for that matter!My bid is $31.. I'd win! :Pon a serious note- them money exchanges is related to hype and expectancy of revenue or people tolerance to them. Link to comment Share on other sites More sharing options...
alboy Posted July 31, 2011 Share Posted July 31, 2011 MySpace, the once mighty social networking web site that is now a shadow of its former self, has been officially sold off ...A long long sigh...Sun(IT) sold,MGM(movie) bankrupt,Lehman(financial) bankrupt...One shall never be clouded by what is seems to be! Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.