News Corp. has sold struggling social networking site MySpace for $35 million, according to a person familiar with the matter. The deal values MySpace at a fraction of what News Corp. paid for the site six years ago.
News Corp. bought MySpace for $580 million in 2005, but users and advertisers have fled the site for other hotter social networks like Facebook and Twitter.
I hope the more than half-billion dollars they lost in six short years ended up in the hands of some good, solid progressive types. Now that would be karmic justice.