Myspace Up For Sale, 95% Less Than Its Original Value
The former social networking giant, Myspace, has been in trouble for a while now but it has finally hit rock bottom, with a sale expected to go down within the next few days. News Corp purchased the “then-popular” social media network in 2005 from Co-founder Tom Anderson.
The site was purchased for $580 million and is now speculated to sell between $20 and $30 million, making it a huge loss for News Corp. (not like it will put much of a ding to their overall revenue)
Two companies, Specific Media, and Golden Gate Capital are looking to purchase the failing website and there may even be a joint bid by Tom Anderson himself.
Perhaps Tom thinks he can salvage the dead website with a new interface and some new features? Who knows. But if he did buy it back for $30 million, he would still have $550 million on cash if he was unable to resurrect Myspace from the grave. Shoot, just take a look at the image up top, “Connect with Facebook”? For Myspace? Oh boy.
If you ask me, I think Myspace has had its moment on the Internet and has passed its prime. I think Myspace should be retired, but even if the company sold for $5,000- there would always be someone to pick it up and keep it going.
What I am trying to say is, if it’s cheap enough, someone will buy it- and people use things they buy, at least for some period of time, right?