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# MySpace Nears Sale For Just 5% Of The $580M That News Corp Paid For It
- URL: https://www.hypebot.com/myspace-nears-sale-for-just-5-of-what-news-corp-paid-for-it/
- Published: 2011-06-28T17:41:00.000Z
- Updated: 2011-06-28T17:41:00.000Z
- Description: NewsCorp paid $580 million for MySpace in 2006. Now its close to being sold for $30 million, far less than the $100 million that they had hope to get for. Continue reading [https://www.hypebot.com/hypebot/2011/06/myspace-nears-sale-for-just-5-of-what-news-corp-paid-for-it.html]
- Author: Bruce Houghton
- Tags: Uncategorized, #wp, #wp-post, #Import 2026-01-21 10:55

[![image from www.google.com](http://hypebot.typepad.com/.a/6a00d83451b36c69e201543353aa99970c-200wi "image from www.google.com")](http://hypebot.typepad.com/.a/6a00d83451b36c69e201543353aa99970c-popup?ref=hypebot.com)

NewsCorp paid $580 million for MySpace in 2006\. Now its close to being sold for $30 million, far less than the $100 million that they had hope to get for it; and the two prospective buyers are ones that few have ever heard of. As part of the deal, MySpace will reportedly [lay off 150](https://www.hypebot.com/myspace-to-layoff-150-more-on-wednesday/) or more employees tomorrow.

Specific Media and Golden Gate Capital are the two bidders left, according to Kara Swisher of [AllThingsD](http://allthingsd.com/20110628/myspace-sale-process-drags-on-with-an-end-of-week-deal-goal/?ref=hypebot.com), in a deal which News Corp hopes to complete by Thursday, the end of its fiscal year. Specific Media, a large ad network appears to be the most active bidder along with turnaround specialist Golden Gate Capital, a private equity firm with $9 billion under management.

Sources put the bidding in the $30 million range, just 5% of the $580 million that NewsCorp paid for MySpace just 5 years ago and 30% of its most recent asking price.