Murdoch’s News Corp sells Myspace for $35m

Times Of India Thursday 30th June, 2011

Justin Timberlake to acquire Myspace in a deal that caps a tumultuous period of ownership under Rupert Murdoch's News Corp, which swooped in to buy Myspace for $580 million in 2005. At the time, Myspace was among the the world's most popular websites, and News Corp's success in beating out rival Viacom in a bidding war was viewed as a major victory for Murdoch. Since then, however, Facebook has eclipsed Myspace in popularity, and the deal has become a hard lesson in what can happen when a traditional media company imposes its will on a start-up. It also shows how quickly audience -and investor - tastes can shift in the world of social networking. Indeed, Wednesday's deal contrasts sharply with the current frenzy over social media companies, including LinkedIn, Twitter and

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