News Corp. sold myspace
- Transfer
Today, News Corp. sold MySpace, a site that dominated the social media market in the mid-2000s, before being eclipsed by Facebook. MySpace was sold to Specific Media.
As part of the News Corp. agreement will buy back a minority stake in Specific Media. Although the financial side of the transaction was not disclosed, The Wall Street Journal and The New York Times talk about an amount in the region of $ 30-40 million. This amount is only a small fraction of the $ 580 million that News Corp. paid for MySpace in 2005, when the site was a leader in the nascent social media market.
Since then, Facebook has been able to overtake MySpace (this happened in 2008) due to its simpler and more elegant design, user culture, clearer privacy settings and a large community of third-party application developers.
At the same time, MySpace went through several restructurings, changes in the stratum, shakes of the managerial staff and staff cuts, but could not get out of the tailspin.
More recently, in October 2009, Jonathan Miller, who is responsible for the Internet businesses of News Corp., swore and swore that MySpace would be able to regain its lost leadership under the leadership of Owen Van Natta (former Facebook executive) and focus on music and entertainment . But these dreams did not come true and Van Natta resigned from his post in less than a year. MySpace is now led by Mike Jones, a former AOL CEO.
Specific Media was founded in 1999 and is based in Irvine, California. It provides advertising services to major brands through its platform, which includes various media formats and delivery methods.
It is not clear whether Specific Media intends to support MySpace as a social network or not, as well as the future of user profiles and data that users uploaded to the site.
As part of the News Corp. agreement will buy back a minority stake in Specific Media. Although the financial side of the transaction was not disclosed, The Wall Street Journal and The New York Times talk about an amount in the region of $ 30-40 million. This amount is only a small fraction of the $ 580 million that News Corp. paid for MySpace in 2005, when the site was a leader in the nascent social media market.
Since then, Facebook has been able to overtake MySpace (this happened in 2008) due to its simpler and more elegant design, user culture, clearer privacy settings and a large community of third-party application developers.
At the same time, MySpace went through several restructurings, changes in the stratum, shakes of the managerial staff and staff cuts, but could not get out of the tailspin.
More recently, in October 2009, Jonathan Miller, who is responsible for the Internet businesses of News Corp., swore and swore that MySpace would be able to regain its lost leadership under the leadership of Owen Van Natta (former Facebook executive) and focus on music and entertainment . But these dreams did not come true and Van Natta resigned from his post in less than a year. MySpace is now led by Mike Jones, a former AOL CEO.
Specific Media was founded in 1999 and is based in Irvine, California. It provides advertising services to major brands through its platform, which includes various media formats and delivery methods.
It is not clear whether Specific Media intends to support MySpace as a social network or not, as well as the future of user profiles and data that users uploaded to the site.