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.
http://news.yahoo.com/...
HaHaHaHaHaHaHaHaHaHaHaHaHaHa! Wait, wait. How much did they pay for it? Repeat that part. Slowly.
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.
HAHAHAHAHAHAHAHAHAHAHAHAHAHA! Okay, do the part where you say how much they're selling it for now.
NEW YORK (Reuters) - News Corp has sold social media site Myspace for about $35 million...
HAHAHAHAHAHAHAAHHAHAHAHAHAHHAHA! Additionally, HAHAHAHAHAHAHAAHAHA!
FLASHBACK UPDATES:
Forbes Magazine flashback:
Murdoch Will Earn A Payday From MySpace
News Corp. bought Intermix, owner of MySpace, last year for a mere $580 million, which in hindsight looks like the purchase of the century.
http://www.forbes.com/...
London Telegraph flashback:
MySpace 'will sell for at least $100m'
Contrary to earlier reports that the media giant was unable to achieve its asking price of $100m, a source close to the acquisition process told The Telegraph, that News Corporation would definitely get $100m for MySpace, if not more and has deliberately dragged its feet and revealed very few company financials in order to achieve the highest figure.
http://www.telegraph.co.uk/...
UPDATE 2:
Brooklynbadboy asked the $35 million question when he said:
What idiot paid $35M for MySpace???!! nt (21+ / 0-)
Yo.
by brooklynbadboy on Wed Jun 29, 2011 at 02:35:10 PM PDT
Good question. It turns out this guy is going to play a role in MySpace 3.0:
LOS 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.
http://news.yahoo.com/...
For the record, I don't think a guy who is able to go from the Mickey Mouse Club, navigate the cruel, merciless waters of a boy band and still manage to be culturally relevant and funny as hell, is an idiot.
This twist makes me wonder what the next incarnation of MySpace will be?