by Mike Masnick
Tue, Jun 28th 2011 3:33pm
Way back in 2005, when News Corp. bought Intermix, which (believe it or not) was the parent company of MySpace, we focused on the fact that Intermix was big in the spyware/adware business, and didn't even pay that much attention to the MySpace part of the deal (silly us). Believe it or not, that was the point at which MySpace was just really starting to catch on. The whole thing cost $580 million, and a year later, one of the company's founders, Brad Greenspan, sued News Corp., claiming that there was fraud involved and MySpace should have been valued at $20 billion. Of course, the story since then has been one of a big downhill slope. While MySpace had always focused on music, over the last couple of years, at every music conference I've attended, people have joked about the fact that no one uses MySpace at all any more. And so it's come to this. Reports are now spreading that News Corp. is looking to unload what's left of MySpace for between $20 and $30 million. Oh, and in a bit of interesting timing, Facebook is preparing to launch its new music service next month. How quickly things change...
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