News Corp. Takes A Bath On MySpace Sale
Wednesday, June 29, 2011
More Benzinga Headlines
News Corp. (NASDAQ: NWSA) finally unloaded its floundering MySpace web property today and the price is rather shocking - $35 million. The company paid $580 million for MySpace in 2005, and was hoping to fetch around $100 million for the social networking site. The buyer is a company called Specific Media which will swap cash and stock for MySpace, while News Corp. will retain a less than 5% stake in the site.
"There are many synergies between our companies as we are both focused on enhancing digital media experiences by fueling connections with relevance and interest," said Tim Vanderhook, chief executive of Specific Media, in a statement. "We look forward to combining our platforms to drive the next generation of digital innovation."
Specific Media was founded in 1999 by Vanderhook and his brothers Chris and Russell, and helps marketers buy digital ads across the Web, online video, mobile and TV. The company currently ranks among the largest online advertising firms in the country, reaching 170.9 million unique visitors in May, which is equal to around 79% of U.S. internet users.Read More...
Awww:( I hope they don't Scrap MySpace!:O I don't get on there often. But I like it much better than FB! I think that Social Sites are like Bars.... They usually Slow Down in Popularity after about 5 Years. Especially when a "New" one opens up across the Street...
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