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MySpace sold for fraction of price after 6 years

News: 30th June 2011 by Louise Dodgson under Media

MySpace has been sold for a measly $35 million to Specific Media. Well, it's not a measly price to you & I, but in comparison to the whopping $580 million that was paid by Rupert Murdoch to acquire the social networking site 6 years ago, it certainly is! This news is also expected to bring accompanying staff cuts, although there are no clear cut details as yet. Specific Media has backing from Justin Timberlake who will be instrumental in planning MySpace's future developments. It seems he is taking his acting role as Sean Parker, founder of Napster, in The Social Network to the next level in real-life!

We've gathered a selection of articles below for you to peruse, including a peak at MySpace CEO Mike Jones' email announcing the news to staff. Will MySpace get a second chance? Time will tell...

Related Links

http://www.independent.co.uk/life-style/gadgets-and-tech/news/bought-for-580m-sold-for-35m-murdoch-cuts-his-myspace-losses-2304660.html

http://www.billboard.biz/bbbiz/industry/digital-and-mobile/myspace-sold-to-specific-media-it-s-official-1005257012.story

http://www.telegraph.co.uk/finance/newsbysector/mediatechnologyandtelecoms/8607207/MySpace-sold-to-Justin-Timberlake-backed-ad-agency-by-News-Corp.html

http://www.hypebot.com/hypebot/2011/06/read-myspace-ceo-mike-jones-goodbye-email-to-his-staff.html


Tags

myspace, social networking, social media, social networks, specific media, rupert murdoch, justin timberlake

 

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