AfterDawn: News

MySpace on verge of being sold, for $30 million

News Corp. is just about ready to part with the death spiraling social network MySpace, at a price at least 70 percent smaller than their asking price.

The two companies looking to buy MySpace for $20-$30 million are Golden Gate Capital, a private equity firm, and Specific Media, an ad network.



Rupert Murdoch's News Corp. purchased the company for $580 million in 2005 and quickly saw it disintegrate. From 2010 to 2011 alone, MySpace traffic fell 48 percent to 35 million unique U.S. visitors. The company had an operating loss of $165 million last year.

Initial reports had News Corp. wanting to keep a 20 percent stake but it appears now that Murdoch wants the struggling social network off his books by the end of the year.

The company put itself up for sale earlier this year asking for $100 million.

Written by: Andre Yoskowitz @ 28 Jun 2011 12:37

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• 5 comments

• hikaricor

  What will it be melted down into and resold as?
  Because it sure as hell isn't worth anything right now.

  28.6.2011 13:09 #1

• DSWarrior

  Originally posted by hikaricor: What will it be melted down into and resold as?
  Because it sure as hell isn't worth anything right now. True. Everyone I know with a MySpace account had it deleted or don't even remember they had it. It really fell hard from being the top networking site, to being just a struggling site shunned by millions...
  

  DS Warrior ! ! !

  28.6.2011 15:27 #2

• ROMaster2

  Surprised Facebook isn't trying to buy MySpace

  28.6.2011 19:36 #3

• smiler123

  WTB $1 suckee
  

  Everything I have written is a lie and a product of my imagination.

  28.6.2011 21:35 #4

• TBandit

  Too bad these idiots ruined the best music site, imeem.

  29.6.2011 18:38 #5