MySpace sold to Specific Media for $35 Million

MySpace sold to Specific Media for $35 Million
MySpace has been sold to Specific Media for $35 million, ending the failed News Corp. era for the social networking site.

Specific Media is a large Ad-targeting firm that should make use of MySpace's remaining traffic.



As part of the deal, News Corp will keep a small equity stake and CEO Mike Jones will step down within the month.

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 and will keep a much smaller stake, perhaps under 5 percent.

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

Written by: Andre Yoskowitz @ 29 Jun 2011 15:06
Tags
MySpace Specific Media
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  • 4 comments
  • hikaricor

    Yall got ripped off.

    29.6.2011 19:28 #1

  • Jeffrey_P

    Good thing before they went tits-up
    Jeff

    29.6.2011 20:29 #2

  • ronatola

    jumping on a sinking ship = FAIL

    1.7.2011 16:36 #3

  • mscritsm

    Looks bad, but for an investment of $35 million you only need a profit of a few million per year to make it work. That's what, 20 or 30 million uniques per month? Myspace could still do that.

    Bottom fishers serve an ecological niche in this world...

    6.7.2011 03:15 #4

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