Media Blog

MySpace Now Worth Only $20 Million?

Remember when Rupert Murdoch bought it in 2005 for $580 million? News Corp. may have paid just a little too much:

It was just supposed to be a three-hour tour, um, quick sale process!

But, like a storm-tossed ship looking for any safe harbor, the Myspace sale is still chugging along, with a deal that continues to be tossed around amongst low-paying and new lesser known buyers who are now in the $20 million to $30 million range, said sources close to the situation.

The price, said others, could go as high as $35 million, but it’s far cry from the $100 million that News Corp. had been aiming for.

As part of the deal, sources said the News Corp. unit will be making significant cuts in staff and costs — up to 50 percent or more — all contingent on the purchaser. The staff cuts are, obviously, directly related to the transaction and the winning bidder.

Full story at All Things Digital.

Nat Brown is a former deputy web editor of Foreign Affairs and a former deputy managing editor of National Review Online.

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