News Corp. bought the ailing, Santa Monica-based social hub in 2005 for $580-million and its value climbed to $1-billion+ during the birth of the social media boom. But flagrant mismanagement meant they lost ground to Facebook and it never came back.
By comparison, Facebook is now valued at $65-billion.
Those close to the deal say News Corp were initially seeking a price closer to $100-million but settled on Specific?s offer after other keen suitors dropped out. The deal is now in its final stages and is expected to close later today.
And while the sale will cost half of MySpace?s 400 staff their jobs, Rupert and the boys are not leaving town ? The group will retain a 5% stake in the site, though why this is even attractive given the site?s shrinking relevance [they lost 10-million users in just the first two months of this year] is not being discussed.
If you use MySpace, what do you think ? will this sale save them or is the site doomed??
Source: THR
Source: http://feedproxy.google.com/~r/HotMommaGossip/~3/0s7jochwA1s/
Brad Pitt Jennifer Aniston Jade Jagger Busta Rimes Kanye West
No comments:
Post a Comment