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After $35 million sale, MySpace is now an advertiser's space

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Newscom

(Read caption) MySpace is being sold to Specific Media for $35 million, marking the lowest point in a long slide for the once-reigning social media king.

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Remember what Myspace used to be like back in the day? It was an insanely popular, extremely innovative social network, purchased for almost $600 million by Rupert Murdoch and the rest of the team over at News Corp. And then Facebook picked up some steam, gathered a membership of over 750 million, and generally left Myspace in a big cloud of dust.

Cue corporate shake-ups, lay-offs, and general discontent. (Cue, too, a name change: Eagle-eyed readers will remember that Myspace used to be MySpace – capital M, capital S.) Today comes the news – courtesy of Kara Swisher over at All Things D – that Myspace is being sold to Specific Media, an online ad firm, for a relatively paltry $35 million.

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