Myspace sold

Posted by Cardiff Garciaon Jun 29 20:11.

March 2006, Fortune:

“It looks like the best acquisition we’ve made in a long, long time,” Peter Chernin, the second-in-command at News Corp., said in an interview with FORTUNE. “MySpace is the single biggest growth opportunity this company has.”

June 2011, All Things Digital:

Closing another chapter on one of the Internet’s most iconic properties, Myspace has been sold to to Specific Media, an advertising network, for $35 million. …

News Corp. bought Myspace for $580 in 2005, and made that back via a lucrative advertising deal with Google when the social networking site was flying high.

According to FT Alphaville’s resident guy-who’s-good-with-calculators, Bryce Elder, Myspace’s value dropped roughly $174 a minute under the ownership of Rupert Murdoch. (UPDATE — caveat lector: this is a back-of-the-envelope calculation.)

Reuters

“Not funny, dude.”

This entry was posted by Cardiff Garcia on Wednesday, June 29th, 2011 at 20:11 and is filed under Capital markets. Tagged with , , .

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