MySpace sold for paltry $35 million (great investment, Murdoch!)

http://techcrunch.com/2011/06/29/myspace-goes-to-specific-media-for-35m-ceo-is-out-press-release/
http://www.huffingtonpost.com/2011/06/29/myspace-sold-specific-media_n_887046.html#s299496&title=August_2003_Myspace

Purchased by Murdoch's Newscorp in 2005 for $580 million

'Myspace CEO Mike Jones released a company-wide email and press release announcing the social network's sale to Specific Media.

"Specific Media, a digital media company, today announced it has acquired Myspace from News Corporation," the release reads. "As part of the agreement, News Corporation will take a minority equity stake in Specific Media. Additional terms of the agreement are confidential and will not be disclosed."

In his email, Jones confirmed earlier rumors that layoffs would occur at Myspace this week. Wrote Jones, "In conjunction with the deal, we are conducting a series of restructuring initiatives, including a significant reduction in our workforce."

SPECIFIC MEDIA ACQUIRES MYSPACE FROM NEWS CORPORATION

Los Angeles, Calif. — June 29, 2011 – Specific Media, a digital media company, today announced it has acquired Myspace from News Corporation. As part of the agreement, News Corporation will take a minority equity stake in Specific Media. Additional terms of the agreement are confidential and will not be disclosed.

more at links

And sell it in a couple years for a buck fifty.

:rofl:

An actual business model would go right over his head.

(The Simpson's and American Idol)

"Join MySpace, or the terrorists win."

That might have worked.

"Prevent another 911, join MySpace!"

that go bad (in really big ways) help provide cover for vast pools of slush-fund money used to buy the cooperation of western politicians, intelligence agencies and bankers. It's a giant slush fund - Google "Yamamah"

info in MySpace's database.

In the history of business I don't know if there's a better example of a company that failed to adapt to changing technology while carrying a huge segment of the social network market. They make Block Buster look like a champion of flexibility.

Facebook (Obama supporters) killed MySpace and Google (Obama supporters) killed everyone else in search.

Facebook is worth $71 billion, btw. At one time that $580 million price tag for MySpace looked cheap.

Keep trying, something will eventually stick.

Bing Crosby is dead.

They did so by hanging onto an ancient monopolistic sales model. Netflix just got lucky.

and old people that go on Facebook were never on myspace to begin with

The business model is based upon unlimited privatized data-mining and reselling of personal data. The whole industry is nothing more than a giant surveillance device.

you're probably right because the next big thing will have come along by then. They'll call it the "Myspace Effect" hahaha.

I wonder if Goldman Sachs was his adviser. It must be really, really hard to lose 94% of over half a billion.