The Anti-Midas Touch
The BBC notes that MySpace sold to Specific Media by Murdoch’s News Corp
News Corporation has sold its ailing social networking site MySpace to online advertising firm Specific Media.
News Corp paid $580m (£361m) for MySpace in 2005, but users and advertisers left the site for rival social sites like Facebook and Twitter.
The sale terms were not disclosed, but there were unconfirmed reports that price paid was as low as $35m.
Over a half-billion dollars flushed on one deal sort of explains why the cracks are appearing the Murdock empire. He’s trying to charge for all of his media sites because he doesn’t have anyone who knows how to make money on-line, and he’s paying out piles of cash for tapping people’s phones. The world is not being kind to Australopithecus rupertus™.
8 comments
I would like to see all of Murdock’s empire crumble and fall around his shoe laces and him pass away as a pauper.
What harley130 said! In spades! 😈
I’m about to watch Tonight’s TDS! Jon has Bill Kristol as his guest! Should be hilarious! 😆
LOL @ “Australopithecus rupertus” You’re just upset Bryan because we know where to send our garbage so they stay gone! All the garbage you yanks send here ends up “Return To Sender” within a couple years! 😈 😉 (Well… almost all… we still have a couple we are trying to send back!) 😀
Furthermore, most of the “$35M” was supposedly stock in Specific Media, *not* cash. As in, basically worthless, since Specific Media isn’t public. Specific Media is apparently going to pay the lawyer’s fees of the News Corpse attorneys needed to pull off the deal, and that’s pretty much it.
Rupert managed to destroy a lot of assets in his ‘buying’ spree. Newspapers regularly have a 20% profit margin, but the leveraged buy outs have spent most of that on interest for the borrowed money used in the purchase, which is why management is required to do all of the ‘cost cutting’ until what is left is worthless.
Right on, Harley. Let him sleep under a bridge covered with old newspapers.
You can laugh, Kryten, but we have exported the Fundamentalist virus, and that is worse than rabbits or cane toads.
Poetic justice, Badtux, as he stole a lot of media doing that to other people. As a private company there is no way of knowing what the deal was worth, if anything.
I especially liked this response from Slashdot: So, let me get this straight. A social media site known mainly for the sheer hideousness of its user-created pages has been purchased by an ad-targeting agency known for its slow, blinky, flash-ridden, “shoot the monkey” ads? Dear god.
The more I read about this deal, the more I think this is truly a match made in heaven :twisted:.
I really hate those ads. They really make me extremely unlikely to buy anything they are selling, and they slow down load times.
These people deserve each other.
Ehhh… You know Bryan that it’s the kind of laugh of a man who fully realises that if I don’t laugh, I may cry or get a gun and start shooting! 😉 Ya know… kinda semi-hysterical to keep the ghosts of sanity quiet! 😈
And yes, one only has to look at the leader of the coalition, Abbott, to see the fundi disease. And thank you very much! 😛
I was the least I could do after you returned Mel Gibson 😉