Tech
MySpace sold for $60-$70m less than asking price
Published Wednesday, Jun 29 2011, 21:27 BST | By Tom Eames | 6 comments
News Corp bought the social networking site while it was at its height in 2005 for $580m (£361m). Since then, users have decreased in number following the rise of Twitter and Facebook, with MySpace switching more to a music-orientated hub.
The company had reportedly set an asking price of $100m (£62.2m), reports the Wall Street Journal. News Corp are said to have kept a small stake in the site. MySpace will now face redundancies of around half of its 500 employees.
Specific Media specialise in helping marketers buy advertisements online.
News Corp had recently mulled an option to merge MySpace with music video website Vevo.
Activision Blizzard chief executive Bobby Kotick was also reportedly in talks with News Corp about taking a controlling stake in MySpace.
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