News Corp. Hopes to Get at Least $100M for MySpace

MySpace logoMySpace was one the most popular social network on the internet, but as it failed to continue to evolve and thrive in an increasingly more “social” world. It was replaced by newcomer Facebook years ago as the most popular social network online. Facebook now has eclipsed MySpace when it comes to the number of active users on the site.

MySpace was purchased by News Corp. in 2005 for $580 million and today the social network is worth only a fraction of that amount. Now the AFP reports that News Corp. is taking offers to sell MySpace to the highest bidder. Apparently News corp. wants at least $100 million for MySpace, which is $480 million less than it paid for the site six years ago.

News Corp. is working with private equity firms to entertain offers and the offers are expected to land by the end of this week according to the Wall Street Journal.

Among the potential buyers for MySpace is a Chinese internet company. The WSJ cited sources familiar with the matter claiming that other firms considering an offer include equity firm Thomas H. Lee Partners, Redscout Ventures, and Criterion Capital Partners. Criterion Capital Partners currently owns the much smaller Bebo social network. Before making the move to sell the ailing social network, an online music site called Vevo was looking at a partnership deal with MySpace, but later backed off.

Exactly how bad off MySpace is financially is unknown. News Corp. lumps MySpace in with the "other" segment in its financial and that segment as a whole lost $156 million in Q2. It would be easy enough to assume most of that loss is attributed to MySpace, which has already cut 500 jobs this year amounting to half its staff.

Source: DailyTech

Tags: MySpace

Comments
Add comment

Your name:
Sign in with:
or
Your comment:


Enter code:

E-mail (not required)
E-mail will not be disclosed to the third party


Last news

 
The new 64-bit version of Firefox will be optimized to run on these computers for better performance
 
Google is expanding the Pixel 3’s eSIM support to a few new countries
 
And fortunately, it won’t be an iPhone X-like notch
 
Qualcomm Technologies has shown on the path to commercialization of 5G
 
It will be embracing Chromium in the development of the browser
 
The new OLEDs will be on display at CES 2019 in Las Vegas early next year
 
Quintuple-app strategy offers "a simpler and more unified communications experience"
 
Google's other mobile SDK is deemed ready for prime time
The Samsung Galaxy A5 (2017) Review
The evolution of the successful smartphone, now with a waterproof body and USB Type-C
February 7, 2017 /
Samsung Galaxy TabPro S - a tablet with the Windows-keyboard
The first Windows-tablet with the 12-inch display Super AMOLED
June 7, 2016 /
Keyboards for iOS
Ten iOS keyboards review
July 18, 2015 /
Samsung E1200 Mobile Phone Review
A cheap phone with a good screen
March 8, 2015 / 4
Creative Sound Blaster Z sound card review
Good sound for those who are not satisfied with the onboard solution
September 25, 2014 / 2
Samsung Galaxy Gear: Smartwatch at High Price
The first smartwatch from Samsung - almost a smartphone with a small body
December 19, 2013 /
 
 

News Archive

 
 
SuMoTuWeThFrSa
      1
2345678
9101112131415
16171819202122
23242526272829
3031     




Poll

Do you use microSD card with your phone?
or leave your own version in comments (11)