Feeds

Bidders crowd MySpace

Going for a song

High performance access to file storage

MySpace’s new owner is expected to be announced this week as speculation suggests that News Corp is in final negotiations with two potential buyers, advertising network Specific Media and private equity firm Golden Gate Capital.

The price tag for the failed social network has been mooted as US$35 million, a fraction of New Corp’s original purchase price of $580 million in 2005.

If the sale price is correct it will illuminate that the market is back on track for irrational dot.com styled valuations when compared to the social media acquisition made by the Australian arm of News Corp yesterday, which acquired a local parenting focused blog network for US$45 million.

Despite MySpace’s fall from grace it still yields 34.9 million monthly global visitors.

Specific Media raised $US100 million from private-equity firm Francisco Partners in 2007 and has been making small acquisitions including Broadband Enterprises, an online video company.

MySpace co-founders Chris DeWolfe and Tom Anderson have also been named as potential knights in private equity-backed armor looking at submitting a last minute salvage bid for their progeny.

My Space is expected to sack another 150 staff today with a further 50% of the remaining staff of under 400 expected to be shed once the deal is done. ®

High performance access to file storage

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
It may be ILLEGAL to run Heartbleed health checks – IT lawyer
Do the right thing, earn up to 10 years in clink
prev story

Whitepapers

Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
SANS - Survey on application security programs
In this whitepaper learn about the state of application security programs and practices of 488 surveyed respondents, and discover how mature and effective these programs are.