MySpace going once, twice, three times -SOLD!

C

chipmunk

New member
Feb 14, 2007
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Boca Raton, FL
News Corp sells Myspace, ending six-year saga

By Jennifer Saba, editing by Bernard Orr | Reuters – 28 mins ago

  • NEW YORK (Reuters) - News Corp has sold social media site Myspace for about $35 million to online advertising company Specific Media, according to a source familiar with the transaction.
The deal, announced on Wednesday, calls for News Corp to retain a minority stake in the website that it purchased six years ago for $580 million, the companies said.
They did release detailed financial terms, but the source said that transaction is a mix of cash and stock with News Corp retaining about 5 percent.
Additionally, more than 50 percent of Myspace's 500-strong workforce is expected to be laid off because of the sale, the source said.
"There are many synergies between our companies as we are both focused on enhancing digital media experiences by fueling connections with relevance and interest," said Tim Vanderhook, chief executive of Specific Media in a statement.
The source is not authorized to speak publicly about the deal.
The sale of Myspace caps six years of ownership under Rupert Murdoch's News Corp, which swooped in to buy Myspace beating out rival Viacom for what was then one of the world's hottest social networking sites.
(Reporting by Jennifer Saba, editing by Bernard Orr)

-=Chipmunk=-
 


-joe- said:
Ouch.
Click to expand...
LOL yeah! Now I am reading that Justin Timberlake is involved...

Clip: By RYAN NAKASHIMA - AP Business WriterLOS ANGELES (AP) — Pop star Justin Timberlake is part of a group that said Wednesday it will buy MySpace from News Corp., a bid to add some cool to a social network that has been losing it for some time. Timberlake will become a part owner and play "a major role in developing the creative direction and strategy for the company moving forward," according to Specific Media, the company that he will partner with.
 
Wow thanks for the update "Chipmunk" I heard about some deal going down but never got the full scoop! Where are you guys going to find the most up to date info on big corps?
 
Lol myspace

I'll be shocked if they can right that ship at this point. Last I checked it was like a ghetto for the people who nobody else wants to deal with on the "normal people" social networks.
 
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