Specific Media To Buy MySpace

tripleevenfall writes "Ad-targeting firm Specific Media has agreed to buy News Corp.'s struggling social-media site Myspace. The deal for $35 million is well below the $100 million News Corp. was seeking for the troubled social-media site. The deal involves considerably more equity for News Corp. than cash and they will retain a small stake in the site, according to a person familiar with the matter."

Ha ha rupert

[interkin3tic]

News Corp. bought MySpace for $580 million in 2005, sold it for $35 million. 6% eh? Always nice when nice things happen to nice people.

Re:Great work if you can get it

[blair1q]

I doubt it. Apparently they mined it for about a $billion in revenue in a partnership with Google's ad bureau. They probably didn't hit anything like the original targets they projected for it, but they probably made a respectable profit on it.

Not quite as bad as it seems

[s7uar7]

According to this story from 2006 [mashable.com], Google signed a $900m agreement to power the MySpace search between Q4 2006 and Q2 2010. The caveat is that it was, "so long as Fox achieves its expected traffic levels and other commitments." Either way Murdoch hasn't lost quite as much as the headline figures suggest.