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Myspace sold for $35 million

Posted on June 29, 2011 by admin No Comments

Myspace has dropped in popularity because of social media competition from facebook.com and other sites.

Social media clones trampled the market shortly after Myspace.com started emerging.

Changes to sustain even a fraction of the market share will come with a price though. A series of layoffs will occur and then Justin Timberlake the music sensation will take his role of playing technology wizard Napster CEO just a little further and become part owner of Myspace. We are clearly living in a world where the tradition business model is being broken down and it takes, intelligence, street smarts, creativity, god given talent, and a a good singing voice to run multi-million dollar social expe

riments these days. I actually think JT has the social backing to help reinvent the brand and I wish them luck.

CEO Mike Jones will be leaving the company, and it seems that so will a good portion of the staff.

Says Jones in an email: “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.”

News Corp. declared it was ready to sell MySpace in an earnings call in February. The media company was reportedly hoping to get $100 million out of the sale.

In 2005, News Corp. bought the site for $580 million from its original owners, but MySpace’s traffic has plummeted in recent years. All Things Digital reported that News Corp. will still hold a 5% to 10% stake in the company.

Other reports this week indicated that close to 50% of the site’s staff could be cut after the sale, and it’s likely that any further iterations of the service will focus on music.

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