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MySpace Gets $100 Million For Sale Sign

NewsCorp scraps MySpace, possibly for parts.

| Business, Financial & Legal News | Posted: Apr 29, 2011 9:06 pm

After recent troubles affecting the social network turned news & entertainment site, MySpace is on NewsCorp's chopping block. Or rather, on a table at a garage sale. According to the Wall Street Journal, NewsCorp expects around $100 Million for the site, which comes to an 84% loss for the network they paid $580 Million to acquire back in 2005.

 

TweakTown image news/1/9/19557_041_myspace_gets_100_million_for_sale_sign.jpg

 

NewsCorp evidently hopes to at least scrap the site for parts, so to speak, as they will be accepting offers for select components of MySpace. Reported parties interested in purchasing MySpace (though God knows why) include THL Partners, Redscout Ventures, Criterion Capital (owner of social network Bebo, Chinese Internet holding company Tencent, and even MySpace co-founder Chris De Wolfe.

 

Isn't that kinda like a furniture craftsman buying back his own work at an antique auction?

 

NEWS SOURCES:Online.wsj.com

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