Digital

MySpace could be sold this week

By | Published on Wednesday 29 June 2011

MySpace

Word has it two big things will happen at MySpace this week. First, the digital company will lay off another 150 employees on Wednesday, about a third of their remaining work force. Then on Thursday owner News Corp will sell the flagging web firm, which it has been trying to offload for some time.

According to AllThingsD, two potential buyers have been involved in the final stages of talks – Specific Media and Golden Gate Capital – both of whom are reportedly interested primarily in the MySpace Music side of things.

Gossipers say News Corp will get between $20 million and $30 million for the one time king of social networking, somewhat less than the $100 million they hoped for, and the $580 million they paid for it in 2005.

In sort of related news, Google has unveiled its latest attempt to enter the social media space, a new platform in beta testing stage called Google+. It sounds overly complicated, though some commentators have responded positively to demos.



READ MORE ABOUT: | | | |

SIGN UP GO PREMIUM CMU NEWS CMU DAILY CMU DIGEST CMU TRENDS SETLIST