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It was just supposed to be a three-hour tour, um, quick sale process!
But, like a storm-tossed ship looking for any safe harbor, the Myspace sale is still chugging along, with a deal that continues to be tossed around amongst low-paying and new lesser known buyers who are now in the $20 million to $30 million range, said sources close to the situation.
As part of the deal, sources said the News Corp. unit will be making significant cuts in staff and costs — up to 50 percent or more — all contingent on the purchaser. The staff cuts are, obviously, directly related to the transaction and the winning bidder.
Exclusive: Myspace to Be Sold to Specific Media for $35 Million
June 29, 2011 at 10:51 am PT
Closing another chapter on one of the Internet’s most iconic properties, Myspace has been sold to Specific Media, an advertising network, for $35 million.