Myspace Sold For $35 Million
Social Media pioneer, Myspace was just purchased by Specific Media for $35 million. News Corporation, Myspace’s parent company will claim a minority stake in Specific Media. All other terms of the sale were deemed confidential.
News Corporation purchased MySpace in in 2005 for $580 million. They were hoping to receive $100 million for the social network, but had to settle for far less due to it’s rapidly declining user base.
This morning, Myspace CEO Mike Jones wrote the following email to his employees:
Today, we are announcing that Myspace will be acquired by Specific Media, one of the world’s leading online media and advertising platforms. Over the next few days you will be hearing from the team at Specific, including their CEO, Tim Vanderhook, regarding their exciting plans for Myspace and how it fits in with the overall vision of their company.
In conjunction with the deal, we are conducting a series of restructuring initiatives, including a significant reduction in our workforce. I will assist Specific with the transition over the next two months before departing my role as Myspace CEO.
I wanted to take a minute to thank you all for the incredible experience it has been to lead this company and to work closely with all of you over the past several years. While I regret we won’t be working together at Myspace any longer, I am very proud of the work we have done here and believe we have performed with excellence – even under extremely difficult circumstances.
My time here at Myspace represents the most engaging and challenging time of my professional career. I have found our team to be comprised of the best people I have come across in our industry.
You can read the press release below. Once again, thank you for all of your hard work and dedication.
It will interesting to see what big plans Specific Media has for MySpace. We will find out in the coming days!
Check out this hilarious social networking war cartoon, enjoy!