Rupert Murdoch’s News Corp. had bought MySpace for $580 million in 2005. I’m surprised they sold it at all. When’s the last time somebody actually used MySpace?
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Rupert Murdoch’s News Corp. had bought MySpace for $580 million in 2005. I’m surprised they sold it at all. When’s the last time somebody actually used MySpace?
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It probably has 35 million worth of physical plant and tech equipment, as well as IP and other intellectual capital (such as employee skills).
The buyer could turn around, dump MySpace (the site), and relaunch as something completely different….
which is what Murdoch should have done, if he wasn’t such a one-trick pony (like: publish the most vile, low-brow stuff you can get away with, and rake in the cash).
MySpace is the ‘old mall’ of the Internet.
$35 seems more fair. But the good news here is that Rupert lost a ton! Anything that costs that son of a bitch a dime has to be a net positive for society.
No, it was actually “$35 million.” But you’re accurate about how much anyone should pay for it.
Oops, nevermind. I missed the “more” in your first sentence.
Well, to be fair in 2005 Myspace was the nuts. It just took a nosedive as soon as they bought it.
Disclaimer: I don’t mean that in the sense that I liked or used it. It was just immensely popular.
Murdoch actually made a ton of money on an advertising deal with Google. I’m sure he came out ahead.
Assuming the rate of depreciation was constant from when Murdock bought it and that it was bought exactly 6 years ago, the price would have reached $0 in a little over 7 months.
I’ll always have fond memories of MySpace because Grace Slick was one of my ‘friends’ there.
It’s actually still a decent place to find bands and hear a few songs. I’ll take bandcamp if I can get it.. but every band still has and keeps a myspace.