MySpace Crawls Toward A Sale
By all accounts News Corp wants to unload MySpace before it's fiscal year ends on June 30th and yesterday was reportedly the deadline for yet another round of bids. The media giant thought they could grab $100 millions for the social network; and so far, that hasn't been easy.
NewsCorp isn't happy with the offers they've received, some of which included more debt and equity than cash. In return, bidders asked for and received detailed traffic and financial information. Now armed with that data, they can revise and attempt to justify the size and terms of their offers.
Companies interested in MySpace include: Providence Equity, hedge fund Criterion Capital, VC Redscout Ventures in a partnership with private equity firm THL Partners, Chinese gaming company Tencent Holdings and Gores Group. MySpace CEO Michael Jones along with a group of unnamed partners is also reportedly still in the running, as well.
Meh-space. I really thought it would be dead by now. Email is ridiculous on it and trying to advertise is pointless. Yet, some people still love it. Go figure.
Well, some like myself, are pretty much stuck with it, due to having an event that relies upon the format, and the work involved in creating it… the merging of certain aspects of it with Facebook, and Twitter, is cool, but there’s many drawbacks to being an “entertainment based” social network, such as sensory overload…
Do we dump our Myspace accounts now, or wait to see if a saviour comes along?
wait? myspace is going to die?
The problem is that there are many other music-related SN sites that still rely heavily on Myspace fan bases. I’d say that the majority of artists on ReverbNation have such large fan bases due in large part to their Myspace presence. If Myspace were to go belly up tomorrow, many artists would be in trouble.
Charles Simmons
http://charlessimmons.com.com
Typo:
http://charlessimmons.com
🙂