The day that the web has been buzzing about has finally come: It seems that MySpace has been sold to an advertising network called Specific Media for a mere $35 million.
News Corp. declared it was ready to sell MySpace in an earnings call in February. The media company was reportedly hoping to get $100 million out of the sale.
News Corp bought the site for $580 million from its original owners, but MySpace's traffic has plummeted in recent years.
All Things Digital reports that the deal will close Wednesday but has not yet been signed. News Corp. will reportedly hold a 5% to 10% stake in the company.
It looks like MySpace is just about dead. what do you think?
If it sold for less than 7% of the price the owners paid - I'd say it was in pretty bad shape - wouldn't you ?
ReplyDeleteYou do better than that buying and reselling a used car !
Pathetic. But that's the fickle nature of "fashionable" online businesses - they go out of fashion !
OMG! Zuckerberg probably smile ^_^
ReplyDeletepoor myspace.. what have they done to fail this miserably? i hope facebook goes down as well and google+ takes everything over.
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