Bwahahahahaha — June 29, 2011 at 4:12 pm

Murdoch’s News Corp. sells MySpace for one-sixteenth of what it paid for it six years ago


Well, here’s some shrewd business management:

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.