Rumor: MySpace going out for $20 – $30 million

By on June 29, 2011
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Four groups vying for the dwindling social media network.

There were times when MySpace would be in the news for all the good reasons (well, mostly for its music…and insanely crappy user websites), however these days the only news associated with the quickly dwindling social networking website is of an acquisition. Today shall be not different, as sources at AllThingsDigital reports that the company is looking at a $20 – $30 million sell-off.

According to the report, four groups are vying for the website. Two are named – Golden Captial, which is a private equity firm; and Specific Media which is mainly an advertising network. Two other groups are mentioned, both having former MySpace co-founders, namely Tom Anderson and Chris DeWolfe, resp.

Earlier today TechCrunch reported that the website has shed off about 150 employees from its current 450 base. The company, reportedly, is however letting the employees work for a few weeks till they find a new job.

MySpace was founded in 2003 and was an instant success among the youth, and budding musicians. However it quickly lost its luster after the launch of Facebook, and despite a visual upgrade and added features, has failed to recapture its audience.


About

Mufaddal Fakhruddin is the Editor for IGN ME and thinks writing in third person about himself in an about me section is weird.

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