It was just supposed to be a three-hour tour, um, quick sale process!
But, like a storm-tossed ship looking for any safe harbor, the Myspace sale is still chugging along, with a deal that continues to be tossed around amongst low-paying and new lesser known buyers who are now in the $20 million to $30 million range, said sources close to the situation.
As part of the deal, sources said the News Corp. unit will be making significant cuts in staff and costs — up to 50 percent or more — all contingent on the purchaser. The staff cuts are, obviously, directly related to the transaction and the winning bidder.
lexipixel
2:45 am on Jun 30, 2011 (gmt 0)
Kara has posted again ....
Exclusive: Myspace to Be Sold to Specific Media for $35 Million June 29, 2011 at 10:51 am PT Closing another chapter on one of the Internet’s most iconic properties, Myspace has been sold to Specific Media, an advertising network, for $35 million.
And News Corp originally bought it for what, $580 million? Couldn't happen to a more deserving media corporation.
Sgt_Kickaxe
9:05 am on Jun 30, 2011 (gmt 0)
Buy high, sell low, yet somehow turn a profit. It's an artform.
The stock hit a low of $6 in 2009 but is comfortably up in the $17 range today, investors aren't worried about losing the brand.
Panthro
1:53 pm on Jun 30, 2011 (gmt 0)
Hopefully they do something good with it. Myspace still has a lot of potential.
pontifex
4:04 pm on Jul 1, 2011 (gmt 0)
As a music seller myself I have to say: bad move to focus on music in the first place. MP3 sales are so low-margin that the marketing world around it can not spin enough cash in general. You have to be VERY creative to make money under the "music" topic online... Thanks, Sean Parker!
timchuma
6:44 am on Jul 4, 2011 (gmt 0)
The musicians I know are all abandoning Myspace for Facebook or other sites due to Myspace being so hard to maintain and nobody using it anymore.
I just shut down my own account the day before this announcement.
Myspace Sale Nears Conclusion
