Another nail in the coffin: News Corp dumps MySpace

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Another nail in the coffin: News Corp dumps MySpace

News Corp has sold off the ailing social networking site for a fraction of what it paid for it in 2005.

Some of you are probably surprised it still exists, but MySpace - the one-time king of the social networks - has just been sold off by its parent company News Corp to digital media company Specific Media.

While the financial details of the deal have not been disclosed, it is thought to have sold for between $US30 million and $US40 million - a fraction of the $580 million News Corp paid for the site in 2005.

Myspace was launched in 2002 and swiftly became the most popular social networking site in the world. It held this position until 2008, when Facebook overtook it. Since then, its decline in fortunes has been significant, with the site forced to lay off more than 50% of its workforce. 

During its peak in popularity, the site was valued at $12 billion and had over 100 million registered members.

It will be interesting to see what plans Specific Media has in store for its new acquisition. However, with Facebook going from strength to strength and Google having just entered the social networking fray, we think a Phoenix-style return from the ashes is unlikely.

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