One dollar. That’s how much you’re worth to News Corp. if you still use Myspace. After six years of struggles to keep the brand viable, Rupert Murdoch and his company have sold the flailing social networking site, which still counts 35 million unique users, to online ad company Specific Media for $35 million in cash and stock, reports Reuters.
It was a major fire sale for Rupert Murdoch’s corporation, who purchased Myspace in 2005 for $580 million. The media conglomerate, which will retain a small stake of Myspace, was hoping to recoup at least some of its investment in the race between Specific, Golden Gate Capital, Austin Ventures, and Activision Blizzard CEO Bobby Kotick. In fact, the final bid fell well short of a projected $100 million price tag. READ FULL STORY