MySpace Sold for Fraction of its Buying Price to Team Including Justin Timberlake
Remember MySpace? You know— that social networking site where you picked your "Top 8" friends, chatted to a guy named "Tom" and customized your page with funky designs only to learn 50% of browsers couldn’t even read the CSS?
Yeah, well, that site just got sold for a fraction of the price it was bought for in 2005.
Rupert Murdoch's News Corp’s reportedly sold MySpace for $35 million to Specific Media this week. Murdoch originally paid $580 million for it in 2005.
The story gets weirder. Specific Media has stated that that musician/actor Justin Timberlake is an investor in the group and will have an active role in the company.
Timberlake will have his own office at MySpace's Beverly Hills headquarters and a staff of about a half dozen people working for him "around the clock" dreaming up ideas for the site, Specific Media CEO Tim Vanderhook said.
What would it take to get you back on MySpace?