is apparently in a rush to complete an acquisition.
Rupert Murdoch39s conglomerate had acquired the social network in 2005 for 580 million and had hoped for a 100 million price tag amid a continuing user decline.
LOS ANGELES News Corp. is aiming to sell its struggling social network site MySpace this week and will likely lay off more than half of the staff according to a person familiar with the matter. On Tuesday Apple released its quottop chartsquot of news apps for the iPad. is in the final stages of selling the underperforming social network for 20 30 million reports All Things Digital.
Myspace39s parent company News Corp.
It was such huge news back in 2005 when News Corp plunked down 580 million for the web39s hottest socialnetworking site MySpace. It makes today39s news maybe even bigger News Corp has agreed to sell the site to. has sold struggling social networking site MySpace for 35 million according to a person familiar with the matter.
Rupert Murdoch must be happy.
MySpace bought by the News Corporation six years ago for 580 million has been sold to Specific Media for about 35 million two executives with knowledge of the sale said Wednesday. Guess what News Corp39s digital journalism apps earned the top spot in all three categories.
CEO Mike Jones resigns as News Corp. iPad newspaper The Daily. paid for the site six years ago.
With an investor group that includes Activision CEO Bobby Kotick out of the picture a report calls advertising network Specific Media and private equity firm Golden Gate Capital the top contenders. unloads troubled social media site to Irvinebased ad network. The deal values MySpace at a fraction of what News Corp.
The conglomerate had looked for a 100 million deal.