News Corp. Sold MySpace to Specific Media

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News Corp. Sold MySpace to Specific Media

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A company that does a lot of online advertising is now the new owner of MySpace. Specific Media now owns the once dominant social networking website after News Corp sold the company. As part of the deal, the amount Specific Media paid for MySpace should remain undisclosed. However, info on the deal leaked and it was learned that the deal was valued at $35 million.

Which is a sad thing, considering the fact that News Corp paid a heart-stopping $580 million for MySpace back in 2005. At the time, MySpace still has some lead over the now dominant Facebook in the social networking scene.

One would ask where did that $540 value go? During the time News Corp was about buy MySpace, there was an outcry for the amount of acquisition as overpriced. But News Corp. went on with the deal, in the hope that MySpace could drive more traffic to Fox TV increase their visibility online.

But it was a failed attempt. Don't get me wrong, they did what they have to do for MySpace. The only problem is what they did isn't enough. Today, you can't even count MySpace as second fiddle to Facebook, a company earlier valued at $80 billion.

So goodluck to Specific Media. They bought MySpace because they believe it could still turn a profit for them. But don't hope too much.

You can talk about... News Corp. Sold MySpace to Specific Media

Tags: • profit • visibility • traffic • facebook • networking • advertising • myspace • social networking • online advertising • news corp •

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