Myspace Acquired For $35 million

Myspace CEO Mike Jones just sent out this email and press release confirming the company’s sale to all Myspace employees just 10 minutes ago. Kara Swisher is reporting that the sale was for $35 million.

Updating.

From: Mike Jones
Sent: Wednesday, June 29, 2011 11:26 AM
To: Myspace All
Subject: IMPORTANT COMPANY NEWS
Importance: High

Myspacers,

Today, we are announcing that Myspace will be acquired by Specific Media, one of the world’s leading online media and advertising platforms. Over the next few days you will be hearing from the team at Specific, including their CEO, Tim Vanderhook, regarding their exciting plans for Myspace and how it fits in with the overall vision of their company.

In conjunction with the deal, we are conducting a series of restructuring initiatives, including a significant reduction in our workforce. I will assist Specific with the transition over the next two months before departing my role as Myspace CEO.

I wanted to take a minute to thank you all for the incredible experience it has been to lead this company and to work closely with all of you over the past several years. While I regret we won’t be working together at Myspace any longer, I am very proud of the work we have done here and believe we have performed with excellence – even under extremely difficult circumstances.

My time here at Myspace represents the most engaging and challenging time of my professional career. I have found our team to be comprised of the best people I have come across in our industry.

You can read the press release below. Once again, thank you for all of your hard work and dedication.

Thanks,

-M

SPECIFIC MEDIA ACQUIRES MYSPACE FROM NEWS CORPORATION

Los Angeles, Calif. — June 29, 2011 – Specific Media, a digital media company, today announced it has acquired Myspace from News Corporation. As part of the agreement, News Corporation will take a minority equity stake in Specific Media. Additional terms of the agreement are confidential and will not be disclosed.

“Myspace is a recognized leader that has pioneered the social media space. The company has transformed the ways in which audiences discover, consume and engage with content online,” said Tim Vanderhook, Specific Media CEO. “There are many synergies between our companies as we are both focused on enhancing digital media experiences by fueling connections with relevance and interest. We look forward to combining our platforms to drive the next generation of digital innovation.”

Specific Media is an innovative global interactive media company that enables advertisers to connect with consumers in meaningful, impactful and relevant ways. Founded in 1999 by brothers Tim, Chris and Russell Vanderhook, Specific Media is currently headquartered in Irvine, CA and operates offices around the world.

via techcrunch

 

sounds like a fair price considering how bad myspace sucks these days

 

Looks like no more friend requests from Tom. Myspace does suck but it was a place to hang out at before facebook.

 

They used to be valued at $670 million. Man, how the mighty have fallen.

 

are people actually still using myspace? i think $35mio. is still a lot!

 

$35m is a fair amount, I hope MySpace would get popularity soon.

 

and am still wondering what made justin timerblake join this.. think the social network influenced him to invest in the online world =) smart move..

 

maybe they'll clean it up a bit more, and look at what's really important to their users. change is tough though, even when you need it.

 

hmm,, it seems that myspace also wanted to come back on social platform as google trying by +1

 

35 Million dollars is not bad though, Im sure they still have somewhat of a large active userbase that if in the right hands can be turned into something great. I do recall when myspace was sold for 580Million to Rupert Murdochs company and I remember telling myself then, yup this is the end of Myspace. Im pretty sure Rupert probably made a killing off of myspace during the first couple of years they took over, that is when myspace started to become extremely ad heavy, anyone remember?

 

The fall of MySpace. I have an account there but not actively logging in.

 

Murdoch's gamble didn't pay off. He's not wrong on much though.

 

MySpace for 35$ Million , Well thanks for the information , will switch to Facebook if its not good anymore...

 

switch to FB? yeah like you didn't already do that 5 years ago