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.