Jun 29 - Myspace sold for $35 Million

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 7 years ago '11        #1
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Aces Up 44 heat pts44
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Jun 29 - Myspace sold for $35 Million
 

 

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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)



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

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

 7 years ago '04        #2
ruff 6 heat pts
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Tom won.
 7 years ago '11        #3
PotheadFocker 174 heat pts174
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bought it for $580 million could only sell for $35 milllion?



Times Is Tough All Over
 7 years ago '04        #4
DERRTY CHYBO 12 heat pts12
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 ruff said:
Tom won.
 06-29-2011, 02:22 PM         #5
Silver N Black 
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murdoch lost (for this round at least)


edit: fu*k that....................
.......................................
........getting 35 million for some bullsh*t nobody uses = winning.
 7 years ago '11        #6
Aces Up 44 heat pts44 OP
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 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, 02:28 PM         #7
Silver N Black 
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 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.
 7 years ago '04        #8
jeehtoven 51 heat pts51
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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.
 7 years ago '05        #9
Krazie 134 heat pts134
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It's not even worth that much. I don't even know anyone that still uses that sh*t lol
 7 years ago '08        #10
tdnupe3 10 heat pts10
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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.
 7 years ago '06        #11
Malcolm 34 heat pts34
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 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.
 7 years ago '11        #12
Aces Up 44 heat pts44 OP
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 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, 03:12 PM         #13
tmitch19 
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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, 03:40 PM         #14
BooHaggle McGee 
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 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.
 7 years ago '07        #15
Kinglew88 14 heat pts14
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Tom & These n*ggas Won

Ive seen myspace bout 3 times since 06
 7 years ago '08        #16
Skeetx3.2 7 heat pts
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Damn
 7 years ago '08        #17
Eagles All Day 97 heat pts97
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And that my friend is why fb keeps changing every few months...never know when something better might roll around
 7 years ago '04        #18
Khazano 
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 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, 04:09 PM         #19
deLeet 
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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 04:12 PM..
 7 years ago '11        #20
xrayvisionmedia 
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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.
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