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Re: Justin Timberlake buys Myspace
Posted: Thu Jun 30, 2011 8:55 am
by OscarGuy
They'll be fixing that when the release their IPO in the next couple of months. Then they'll be rolling in dough. At this point, I kinda hope Google + will be a solid rival. I don't trust organizations that have no competition.
Re: Justin Timberlake buys Myspace
Posted: Thu Jun 30, 2011 7:56 am
by Greg
In similar news, I read that Facebook's stock is now valued at $70 billion, even though the most recent estimate of its annual income is only $2 billion.
Justin Timberlake buys Myspace
Posted: Thu Jun 30, 2011 7:29 am
by Sonic Youth
...sort of.
News Corp. Sells Myspace for a Song
By JESSICA E. VASCELLARO, EMILY STEEL and RUSSELL ADAMS
Wall Street Journal
News Corp. sold music and entertainment website Myspace to a little-known ad-targeting firm, shedding a onetime Internet success whose steady slide had been a distraction at the media conglomerate for years.
Specific Media LLC, which emerged as a front-runner for the site only in recent days, will pay $35 million in cash and stock for the site, according to people familiar with the matter, a major comedown for a property that was acquired for $580 million just six years ago.
Whether the new owner can turn around Myspace's performance remains to be seen. Specific Media, which sells ads on other websites, said it was teaming up with actor and pop star Justin Timberlake to "rebuild and reinvigorate" Myspace by making it a place to consume media and connect with entertainers, a strategy several rounds of Myspace managers have pursued unsuccessfully for years. Mr. Timberlake invested an undisclosed amount in the company....
...Mr. Vanderhook said in an interview that he and his brothers who co-founded Specific Media have long coveted Myspace and jumped at the opportunity to acquire the site when it was put on the block last winter. He said that he thinks Specific Media can succeed where others have failed in large part because of the "credibility" that Mr. Timberlake, whom they finalized a deal with earlier this week, brings to the company.
"We have one of the most creative people driving the creative strategy. That's a huge difference than what was done in the past," he said.