MySpace Fire Sale

Wednesday, 29 June 2011 | by Pat's Picks

Perhaps he should rename it MyMistake. There’s some shocking details about the sale of MySpace in today’s LA Times. When Rupert Murdoch’s News Corps bought the social networking site back in 2005, he paid $508 million for it. Two California companies are bidding to buy the ailing site for, get this, $20 to $30 million. Insiders say Murdoch hoped to get at least $100 million for MySpace. It’s unclear what the bidders hope to do with MySpace if their bids go through—its ad revenue is down almost $300 million from 2009 and the number of people who log on to the site is almost half what it was at its peak.