Beverly Hills, Calif. — MySpace was reportedly sold Wednesday for $35 million to advertising network Specific Media, according to an exclusive on the Wall Street Journal’s All Things D. News Corp., which bought MySpace for $580 million in 2005, will retain a very small stake.
News Corp. had hoped to get $100 million sale for the struggling company, which had been valued at $12 million in 2007 when discussions took place with Yahoo! for a possible merger.
In the heady days of 2006, MySpace surpassed Google to become the most-visited website in the U.S. Less than two years later it was overtaken by current market leader Facebook.
Although the deal has not been officially signed, the deal includes cutting MySpace’s staff in half as well as other considerations.
Related Links:
http://tinyurl.com/3n6p3ar (Wall Street Journal)
