MySpace to be sold for a miniscule £18 million

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myspace-new-thumb.JPGMySpace may be sold on again as soon as Thursday of this week, but for a fraction of the cost that current owners News Corp paid for it.

Rupert Murdoch’s media empire bought the social network for $580 million back in 2005 when it still had a healthy userbase and Facebook was still a relatively fledgling service. However, the stratospheric rise of Facebook has meant that network’s fortunes have slipped substantially.

News Corp had been looking for around $100 million for the flailing network, but it is now expected to sell for between $20 million and $30 million, or between £12 million and £18 million. It would be a gigantic loss for News Corp if even the figures at the more expensive end of those estimates proved correct.

Two companies are currently in the running for MySpace; advertising network Specific Media and equity firm Golden Gate Capital.

MySpace co-founders Chris DeWolfe and Tom “Your first MySpace friend” Anderson are also rumoured to be considering a buy-back.

Gerald Lynch

2 comments

  • News Corp had been looking for around $100 million for the flailing network, but it is now expected to sell for between $20 million and $30 million, or between £12 million and £18 million. It would be a gigantic loss for News Corp if even the figures at the more expensive end of those estimates proved correct.

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