Myspace Sold To Specific Media For $35 Million (546 Million Dollar Loss for News Corp)

[onehandle]

Source: Huffington Post

Myspace CEO Mike Jones released a company-wide email and press release announcing the social network's sale to Specific Media.

"Specific Media, a digital media company, today announced it has acquired Myspace from News Corporation," the release reads. "As part of the agreement, News Corporation will take a minority equity stake in Specific Media. Additional terms of the agreement are confidential and will not be disclosed."

In his email, Jones confirmed earlier rumors that layoffs would occur at Myspace this week. Wrote Jones, "In conjunction with the deal, we are conducting a series of restructuring initiatives, including a significant reduction in our workforce."

Read more: http://www.huffingtonpost.com/2011/06/29/myspace-sold-specific-media_n_887046.html#s299496&title=August_2003_Myspace

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[indepat]

1. New Corp suffering a $546 million loss would be heart-breaking and gut-wrenching

Bwaaaaa! :patriot:

[derby378]

2. Here's the question - will MySpace go offline?

I know Facebook really cut into its business, but it just managed to do a lot of things smarter than MySpace did.

[alp227]

9. myspace=good only to listen to music, not social networking n/t

[Crowman1979]

3. The main reason people switched to facebook was because of that ugly Aussie asshole.

[Iliyah]

4. F**k news corp.

they need to fail and take all the racist, nazi assholes with them.

[Tunkamerica]

6. i doubt that

i would say 95% or more had no idea Rupert Murdoch was involved and 90% could care less. facebook just seemed better at the time.

[Crowman1979]

15. Well I did!

Once I found out, I dumped MySpace faster than year old cottage cheese in the refrigerator.

[Thegonagle]

8. I thought it was because face book worked better.

I honestly had forgotten that Newscorp owned Myspace. I only log in for music now.

[Posteritatis]

12. That's pretty much it, yeah

At least before Facebook's biannual suck drive that they keep doing, which is probably why Google's considering getting their competitor to it going now.

I stopped using/looking at Facebook ages ago, mainly because I wasn't interested in listening to the first five seconds of someone's favorite song on top of the Geocities-esque design of most peoples' pages. I don't know anybody who avoided Myspace or picked up Facebook because of Myspace's owners.

[Tunkamerica]

16. Google+ just started a day or two ago.

[DavidDvorkin]

5. I'm worried about Rupert

I hope this loss doesn't cause him financial difficulties. Perhaps he'll have to trade his current wife in on an older, more used model.

[AndyTiedye]

7. Perhaps He Deserves a Tiny Violin

:nopity:

[DavidDvorkin]

10. Yeah. That's about right.

[Posteritatis]

11. Look upon my works, ye mighty, etc. (nt)

[eppur_se_muova]

14. Nice. nt

[truthisfreedom]

13. Wait, what? There's something called the MYSPACE!??? shit, I have to call my investor.