Wow.. in 2007 the social networking site MySpace was valued at $12 billion and yesterday it was purchaced at a steal for a sad ass $35 million by Specific Media.
Oh and Justin Timberlake also got involved and has taken a small stake in the deal.
Shame hey…i remember the days of MySpace. Those were good times till Facebook rocked up.
Anyways..here’s the low down.
“On June 29, 2011, Myspace announced to label partners and press via email that it had been acquired by Specific Media for an undisclosed sum. As announced in the release, “[…] as 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 moving forward. Specific Media and Timberlake plan to unveil their vision for the site in an exclusive press conference later this summer.”
CNN reported that Myspace sold for $35 million, and noted that it was “far less than the $580 million News Corp. paid for Myspace in 2005.” [Wiki]
For the email from the CEO and press statement click HERE.