MySpace Close to Being Sold–at a Huge Loss

Jun 29, 2011  •  Post A Comment

MySpace is close to being sold, reports Bloomberg. The owner of the money-losing social networking service, News Corp., is reportedly negotiating a sale for about $35 million in cash and stock.

The sale to an online advertising network would come about six years after News Corp. bought the service in 2005 for $580 million, the piece notes.

News Corp. had hoped to sell MySpace for $100 million. A News Corp. spokesman declined to comment, as did Specific Media, the online ad network in talks to buy the service.

Specific Media, created in 1999, would be tapping into MySpace’s 34.9 million monthly visitors for its network of online ads. Its clients have included Jeep dealers in New England and Air New Zealand, the story says, citing Specific Media’s website.

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