Top News

News Corp sells social network MySpace for $35 mn

Rupert Murdoch’s News Corp has sold its social networking
site MySpace.com for $35 million. Digital media entity Specific Media would
team up with Grammy-award winning singer Justin Timberlake to buy MySpace. Following
the deal, News Corp would take a minority equity stake in Specific Media. News
Corp had paid $580 million to acquire MySpace in 2005.

Rupert Murdoch’s News Corp has sold its social networking
site MySpace.com for $35 million. Digital media entity Specific Media would
team up with Grammy-award winning singer Justin Timberlake to buy MySpace. Following
the deal, News Corp would take a minority equity stake in Specific Media. News
Corp had paid $580 million to acquire MySpace in 2005.

According to reports, despite many attempts, News Corp could
not revive the fortunes of MySpace amid increasing competition in the social
networking space. Specific Media and Timberlake plan to evolve MySpace into a
premiere digital destination for original shows, video content and music.

 â€œAs part
of the deal, Emmy and Grammy winning artist Justin Timberlake will also take an
ownership stake and play a major role in developing the creative direction and
strategy for the company (MySpace) moving forward,” Specific Media said in a
statement. “I am excited to help revitalise MySpace by using its social media
platform to bring artists and fans together in one community,” Timberlake said.

Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Close