The social networking site 'Myspace' has been sold

Started by olaniyi001, Jun 30, 2011, 12:56 PM

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olaniyi001

Jun 30, 2011, 12:56 PM
Myspace was sold on Wednesday by News Corp. for a fraction of its purchase price, bringing the curtain down on Rupert Murdoch's tie-up with a one-time social networking star that ended up being eclipsed by Facebook. Myspace, which was bought by News Corp. in 2005 for $580 million, was bought by Specific Media, a digital ad-targeting platform, which said financial terms were confidential.The News Corp.-owned technology blog All Things Digital put the purchase price at $35 million, however, and said the deal includes slashing about half of Myspace's staff of between 400 and 500 people.


AFP
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