SocialTimes is reporting that News Corp is selling MySpace for $480 million less than they paid for it back in 2005. What a difference six years make.
Struggling social networking site MySpace is looking for a new owner and hopes to have one by this week’s end. According to The Wall Street Journal, News Corp is seeking $100 million for MySpace, much less than what they paid. The sale is projected to draw bids from several investment firms and companies who may try to buy parts of MySpace or the whole social network.
News. Corp paid $580 million for MySpace back in 2005. While the purchase appeared to be a solid investment at the time, Facebook grew to become the chosen social networking destination. MySpace users left and joined Facebook.