Jun 29 - Myspace sold for $35 Million

most viewed right now
 221
Jeezy Sets the Record Straight With Budden and Akademiks | Everyday Struggle
189 comments
@hiphop
most viewed right now
 185
NFL The Explicit Details of Accusations Vs NFL Network Employees
56 comments
@sports
most viewed right now
 101
Video inside Jay Z's Tidal Is Running Out Of Cash & On Verge Of Bankruptcy, Lost $36..
86 comments
@hiphop
most viewed right now
 77
NBA Lonzo Ball still disrespecting Nas
68 comments
@sports

section   (0 bx goons and 1 bystanders) Share this on Twitter   Share this on Facebook
 

Props Slaps
 6 years ago '11        #1
5690 pageviews
73 comments


Aces Up 43 heat pts43
space
avatar space
space
$3,425 | Props total: 752 752
Jun 29 - Myspace sold for $35 Million
 

 

[pic - click to view]



News Corp sells Myspace, ending six-year saga
By Jennifer Saba, editing by Bernard Orr | Reuters


NEW YORK (Reuters) - News Corp has sold social media site Myspace for about $35 million to online advertising company Specific Media, according to a source familiar with the transaction.

The deal, announced on Wednesday, calls for News Corp to retain a minority stake in the website that it purchased six years ago for $580 million, the companies said.

They did release detailed financial terms, but the source said that transaction is a mix of cash and stock with News Corp retaining about 5 percent.

Additionally, more than 50 percent of Myspace's 500-strong workforce is expected to be laid off because of the sale, the source said.

"There are many synergies between our companies as we are both focused on enhancing digital media experiences by fueling connections with relevance and interest," said Tim Vanderhook, chief executive of Specific Media in a statement.

The source is not authorized to speak publicly about the deal.

The sale of Myspace caps six years of ownership under Rupert Murdoch's News Corp, which swooped in to buy Myspace beating out rival Viacom for what was then one of the world's hottest social networking sites.

(Reporting by Jennifer Saba, editing by Bernard Orr)



[pic - click to view]

 News Corp sells Myspace, ending six-year saga - Yahoo! News

73 comments for "Jun 29 - Myspace sold for $35 Million"

 6 years ago '04        #2
ruff 6 heat pts
space
avatar space
space
$26,644 | Props total: 2650 2650
Tom won.
 6 years ago '11        #3
PotheadFocker 169 heat pts169
space
avatar space
space
$33,318 | Props total: 8443 8443
bought it for $580 million could only sell for $35 milllion?



Times Is Tough All Over
 6 years ago '04        #4
DERRTY CHYBO 12 heat pts12
space
avatar space
space
$11,716 | Props total: 787 787
 ruff said:
Tom won.
 06-29-2011, 03:22 PM         #5
Silver N Black 
space
space
space
$n/a | Props total:  
murdoch lost (for this round at least)


edit: fu*k that....................
.......................................
........getting 35 million for some bullsh*t nobody uses = winning.
 6 years ago '11        #6
Aces Up 43 heat pts43 OP
space
avatar space
space
$3,425 | Props total: 752 752
 ruff said:
Tom won.
Yeah he did

What's funny is the article talking about the people at Myspace who are about to get laid off. What about the screw-ups at News Corp who are taking a $545 million dollar hit on it? You already know people from over there about to be in the unemployment line.
 06-29-2011, 03:28 PM         #7
Silver N Black 
space
space
space
$n/a | Props total:  
 Aces Up said:
Yeah he did

What's funny is the article talking about the people at Myspace who are about to get laid off. What about the screw-ups at News Corp who are taking a $545 million dollar hit on it? You already know people from over there about to be in the unemployment line.
while they payed 500 million for it, they r*ped google for 900 million.....it payed off in 3 years.
 6 years ago '04        #8
jeehtoven 51 heat pts51
space
avatar space
space
$5,645 | Props total: 470 470
this is further proof that corporate america cannot profit off of social media...the concept and technology is built for smaller companies and independent consultants.

thanks god zuckerberg didn't sell to microsoft...even though Facebook is sh*t now, it's still more profitable because of the business model.
 6 years ago '05        #9
Krazie 134 heat pts134
space
avatar space
space
$45,883 | Props total: 20932 20932
It's not even worth that much. I don't even know anyone that still uses that sh*t lol
 6 years ago '08        #10
tdnupe3 9 heat pts
space
avatar space
space
$6,088 | Props total: 12308 12308
They did not lose as much as you think. Remember, they have been getting ad revenue for the last 6 years. I won't get into a finance lecture, but the sale included cash and stock. Not only that, the money they made from the boost in their price per share when they bought myspace more than covers any loss you think they may have incurred on selling this company. Things are much more complicated than a straight "buy-sell". If someone bough it for 580, then sold it a month later for 35, then you could say that they took a major loss. But this is not that cut and dry.
 6 years ago '06        #11
Malcolm 34 heat pts34
space
avatar space
space
$6,129 | Props total: 1204 1204
 tdnupe3 said:
They did not lose as much as you think. Remember, they have been getting ad revenue for the last 6 years. I won't get into a finance lecture, but the sale included cash and stock. Not only that, the money they made from the boost in their price per share when they bought myspace more than covers any loss you think they may have incurred on selling this company. Things are much more complicated than a straight "buy-sell". If someone bough it for 580, then sold it a month later for 35, then you could say that they took a major loss. But this is not that cut and dry.
Couldn't have said it better.
 6 years ago '11        #12
Aces Up 43 heat pts43 OP
space
avatar space
space
$3,425 | Props total: 752 752
 tdnupe3 said:
They did not lose as much as you think. Remember, they have been getting ad revenue for the last 6 years. I won't get into a finance lecture, but the sale included cash and stock. Not only that, the money they made from the boost in their price per share when they bought myspace more than covers any loss you think they may have incurred on selling this company. Things are much more complicated than a straight "buy-sell". If someone bough it for 580, then sold it a month later for 35, then you could say that they took a major loss. But this is not that cut and dry.
You make a good point sir, I didn't even think about ad revenue and the stock. And they do still have a minority share in the company. Props to you.
 06-29-2011, 04:12 PM         #13
tmitch19 
space
space
space
$n/a | Props total:  
Have yall been on there lately?.. that sh*t iz all 2gether different.. it's looks like the MTV website or something....
 06-29-2011, 04:40 PM         #14
BooHaggle McGee 
space
space
space
$n/a | Props total:  
 tdnupe3 said:
They did not lose as much as you think. Remember, they have been getting ad revenue for the last 6 years. I won't get into a finance lecture, but the sale included cash and stock. Not only that, the money they made from the boost in their price per share when they bought myspace more than covers any loss you think they may have incurred on selling this company. Things are much more complicated than a straight "buy-sell". If someone bough it for 580, then sold it a month later for 35, then you could say that they took a major loss. But this is not that cut and dry.
But they still lost.... Even the ad revenue they got couldnt have been that much cuz of how drastic of a decline they had in users for the past 5 years..ad revenue doesnt get you sh*t when youre talking about a huge corporation with declining users. The amount made up in initial stock boost is something none of us can really confirm..so the sheer fact that its selling for 35 mill is a tragedy in its own.

Tom won..no one wants that bullsh*t right now..end of story.
 6 years ago '07        #15
Kinglew88 13 heat pts13
space
avatar space
space
$13,551 | Props total: 1165 1165
Tom & These n*ggas Won

Ive seen myspace bout 3 times since 06
 6 years ago '08        #16
Skeetx3.2 7 heat pts
space
space
space
$1,201 | Props total: 90 90
Damn
 6 years ago '08        #17
Eagles All Day 87 heat pts87
space
avatar space
space
$32,799 | Props total: 12452 12452
And that my friend is why fb keeps changing every few months...never know when something better might roll around
 6 years ago '04        #18
Khazano 
space
avatar space
space
$2,396 | Props total: 109 109
 PotheadFocker said:
bought it for $580 million could only sell for $35 milllion?



Times Is Tough All Over
You're not taking into account the money they made during those 6 years through myspace... (Granted Im sure this is still a loss in the larger scope of things...)
 06-29-2011, 05:09 PM         #19
deLeet 
space
space
space
$n/a | Props total:  
Myspace made billions since it was sold by tom from ad rev, they accounted to 50%+(around 1billion worth of ads are sold yearly) of advertisement sales on the net back then but yearly it was going down because of facebook, profits in the 400-500million yearly.


Last edited by deLeet; 06-29-2011 at 05:12 PM..
 6 years ago '11        #20
xrayvisionmedia 
space
avatar space
space
$366 | Props total: 14 14
If ad revenue was so great why did it sell? You would not sell your cash cow for less than what you paid for it.
Home      
  
 

 






most viewed right now
 48
Pineapple Pwussy 🍍 😻
41 comments
21 hours ago
@thotsdimesetc
most viewed right now
 38
Dec 11 - The bubble is here: People taking out mortgages to cop bitcoins
216 comments
23 hours ago
@news
most viewed right now
 32
Guy programs old Chuck E Cheese Animatronics to perform Pop Lock and Drop It
38 comments
23 hours ago
@wild'ish
most viewed right now
 22
Image(s) inside Fake Ashanti Look WAAY BADDER Than The Real Ashanti
36 comments
21 hours ago
@thotsdimesetc
most viewed right now
 22
The internet reacts to people getting finessed by the mother of the viral bull..
191 comments
23 hours ago
@wild'ish
most viewed right now
 21
Whoo Kid says 50 Cent used to be out here beatin up random drug dealers
144 comments
20 hours ago
@hiphop
most viewed right now
 17
Image(s) inside Dec 11 - Government agencies announce plan to sellout the internet
137 comments
23 hours ago
@news
most viewed right now
 14
male rape survivor talks about how he got raped twice
54 comments
20 hours ago
@wild'ish
back to top
register contact Follow BX @ Twitter Follow BX @ Facebook search BX privacy