MySpace Sold For $35M Mostly In Stock

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MySpace was sold today for only $35 million. Adding insult to injury, the sale price is mostly stocks and Burger King coupons.

News Corp. has sold struggling social networking site MySpace for $35 million, mostly in stock, according to a person familiar with the matter. The deal values MySpace at a fraction of what News Corp. paid for the site six years ago.
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Is anyone else surprised? These social networking sites and game companies are WAY overvalued.
 
Hopefully Rupert Murdoch will call it quits after such a terrible failure! I can dream can't I?
 
If I was offered a billions for my company, it's sold. I'm not going to wait for the value to increase.
I would have sold Facebook already and should be sold now after hearing this news.

The value on them will crash eventually.
 
WorldExclusive said:
If I was offered a billions for my company, it's sold. I'm not going to wait for the value to increase.
I would have sold Facebook already and should be sold now after hearing this news.

The value on them will crash eventually.
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Seeing as they paid 580 million 5 years ago , I would say yeah...the value has crashed...:D
 
WorldExclusive said:
If I was offered a billions for my company, it's sold. I'm not going to wait for the value to increase.
I would have sold Facebook already and should be sold now after hearing this news.

The value on them will crash eventually.
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Hell ya, get out while you are still a billionaire, what else do you want? Mr. Zucker"Douchebag"berg.
 
Well I am not an avid facebook person by any means (30 friends) but Myspace failed because it was just terrible. Facebook at least looks clean and has some sort of standard.
 
Rupert Murdoch is a social recluse, what does he know about socializing.:D
 
Crosshairs said:
Seeing as they paid 580 million 5 years ago , I would say yeah...the value has crashed...:D
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Rupert Murdoch loses 545 million on non tangible paper assets( a few servers), and gets to write off the loses on tangible assets (brick and mortar). Ultimately there is no lose that I can see. He's just shuffling profit and debt around.
 
Uncle said:
Rupert Murdoch loses 545 million on non tangible paper assets( a few servers), and gets to write off the loses on tangible assets (brick and mortar). Ultimately there is no lose that I can see. He's just shuffling profit and debt around.
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No loss, fixed that for ya....
 
hmm if it dropped that low, wouldnt it be best to just hold on to it? unless ofcourse its a money pit to maintain.
 
If I owned that company I would scrap the whole thing and start over from scratch. With the intent on being everything facebook is not. Reinvent! And start a huge ad campaign to for the NEW MySpace! Their only failure in that fight was that they didn't innovate until way too late in the game.
 
News Corp. lost much more than $545M, MySpace is partly responsible for their $1.4 billion losses ($250M last year) in this multimedia/Internet segment.

It's totally irresponsible for an ad company to buy MySpace even for $0, the ads they will pump into MySpace will never recoup the price they paid and the losses they will incur, even after slashing personnel in half. Plus if I were one of Specific Media's customers, I'd quickly change ad company if they're working with loser sites such as MySpace.
 
When Facebook goes IPO, I'd suggest BUY, and short the hell out of it.
 
It was a stupid idea to begin with, and I'm not surprised that Rupert lost his ass on Myspace.
 
polive said:
However, I expect FB to be around a while.
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yeah, if FB keeps acting like a parasite, it could be around for a while.

all it has to do is to stick "like" buttons all over the internet, and force people to login with their facebook accounts and other shit to stay relevant.
 
Crosshairs said:
Seeing as they paid 580 million 5 years ago , I would say yeah...the value has crashed...:D
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The funny thing is that Tom Freston was fired as the chief executive of Viacom by chairman, Sumner M. Redstone for noy buying MySpace.

Something else I found funny was that the vice president of MySpace made his announcement today, on Twitter. LOL!
 
polive said:
When Facebook goes IPO, I'd suggest BUY, and short the hell out of it.
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Duh, we have profits of $5 million, with a valuation of $50 billion potentially, CLEARLY your investment will pay off quick at that rate! /sarcasm :p
 
The problem with shorts is that the market can stay illogical longer than you can stay solvent. But good luck to you, I hope you time it right and make a pile.
 
Myspace was awesome until around 2 or 3 years ago. I don't know what happened, but everyone of my friends had facebook and used myspace less and less. I thought Myspace was already dead though. They paid $35 million...overpayed for something that is dead.
 
How the hell could you even get that much for that crap site...I guess it is all in the eye of the beholder.
 
dr.kevin said:
yeah, if FB keeps acting like a parasite, it could be around for a while.

all it has to do is to stick "like" buttons all over the internet, and force people to login with their facebook accounts and other shit to stay relevant.
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Yea, cause FB owns all those sites with the "like" buttons on them. :rolleyes:
 
03grandam said:
Yea, cause FB owns all those sites with the "like" buttons on them. :rolleyes:
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They don't own them, but they are getting hits from them.

And like the person pointed out it is keeping them relivant, not saying it is making them a lot of money. Many sites now let you log in with your facebook account, messengers let you chat with your facebook friends that are online, sites are putting up like buttons.... all of this stuff is tying facebook int all of these other sites and programs, keeping them being used, helping remind peopele that they are around, helping bring them new people that don't have a page yet.
 
mccoy_hockey_stick_its_dead_jim.jpg
 
I am patiently awaiting the launch of "MyFaceAssBook" where it is only pictures of asses. Or it could be "MyAssFaceBook", and Jim Carrey would be CEO.
 
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