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Myspace Acquired For $35 million

Discussion in 'Social Networks' started by br3adman, Jun 29, 2011.

  1. #1
    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
     
    br3adman, Jun 29, 2011 IP
  2. SuperWeb

    SuperWeb Peon

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    #2
    sounds like a fair price considering how bad myspace sucks these days
     
    SuperWeb, Jun 29, 2011 IP
  3. securesite

    securesite Well-Known Member

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    #3
    Looks like no more friend requests from Tom. Myspace does suck but it was a place to hang out at before facebook.
     
    securesite, Jun 29, 2011 IP
  4. natethegreat7037

    natethegreat7037 Member

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    #4
    They used to be valued at $670 million. Man, how the mighty have fallen.
     
    natethegreat7037, Jun 29, 2011 IP
  5. Manginho

    Manginho Peon

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    #5
    are people actually still using myspace? i think $35mio. is still a lot!
     
    Manginho, Jun 30, 2011 IP
  6. rais.hussain

    rais.hussain Peon

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    #6
    $35m is a fair amount, I hope MySpace would get popularity soon.
     
    rais.hussain, Jul 2, 2011 IP
  7. danmon

    danmon Active Member

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    #7
    and am still wondering what made justin timerblake join this.. think the social network influenced him to invest in the online world =) smart move..
     
    danmon, Jul 3, 2011 IP
  8. phonetica

    phonetica Peon

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    #8
    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.
     
    phonetica, Jul 3, 2011 IP
  9. xXxpert

    xXxpert Well-Known Member

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    #9
    hmm,, it seems that myspace also wanted to come back on social platform as google trying by +1
     
    xXxpert, Jul 4, 2011 IP
  10. Guisbar

    Guisbar Well-Known Member

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    #10
    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?
     
    Guisbar, Jul 4, 2011 IP
  11. ParentingCoachLisa

    ParentingCoachLisa Peon

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    #11
    The fall of MySpace. I have an account there but not actively logging in.
     
    ParentingCoachLisa, Jul 4, 2011 IP
  12. dcristo

    dcristo Illustrious Member

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    #12
    Murdoch's gamble didn't pay off. He's not wrong on much though.
     
    dcristo, Jul 4, 2011 IP
  13. unknownpray

    unknownpray Active Member

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    #13
    MySpace for 35$ Million , Well thanks for the information , will switch to Facebook if its not good anymore...
     
    unknownpray, Jul 16, 2011 IP
  14. dcristo

    dcristo Illustrious Member

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    #14
    switch to FB? yeah like you didn't already do that 5 years ago :rolleyes:
     
    dcristo, Jul 16, 2011 IP