Jun 29 2011
MySpace Sold for bargain $35 Million – 200 Employees Will Be Left

It may not come as a surprise to some, but MySpace once the internet social media darling has been sold according to reports for $35 million to a Specific Media.

The number of employees will be reduced from the current 400 to 200 and other cost cutting measures will take place as part of the deal.

Amazing that News Corp, paid close to $600 million in 2005 for MySpace and now is selling it for $35 million.

CEO Mike Jones is expected to stay, at least for the time being.

Apparently the focus of MySpace will be on music. Is that enough to keep the company generating revenue? Music was for many years the strength of MySpace.

Update: Justin Timberlake is apparently an active investor in Specific Media and will be taking a active part in the operation of MySpace.

You may remember – Timberlake played Napster founder Sean Parker in “The Social Network,” the Oscar-nominated film about the creation of MySpace rival Facebook.


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