News Corp Sells Myspace For $35 Million
Talk about a bad investment. Six years ago New Corp purchased the social networking site Myspace for $580 Million dollars. Yahoo.com is reporting Today they sold it for $35 Million dollars. With the sale comings the additional news that up to half of Myspace's 500 employees will be let go.
I can remember a time when Myspace was the hottest social networking site on the planet. Every new band was using the site to promote their music and sell CD's and band merchandise. Six years ago it was growing by the millions every month. Now that has all coming to a crashing halt. Thanks to the rising popularity of Facebook and Twitter.
There may come a time when Myspace will cease to exist.