News Corp has finally found a buyer for MySpace, the (formerly) premiere social network. The reported selling price is around $35 million. That may sound like a lot, but it comes out to less than seven cents on the dollar from what News Corp shelled out six years previous.
This was reported by The Wall Street Journal, which is also a News Corp company. Neither party involved in the sale has made an official statement.
When MySpace was purchased in 2005 for $580 million, it stood as the place to hang out online, and was still seen as such as recently as 2008. However, in April, 2008 Facebook surpassed MySpace and has been pulling away ever since.
As the law of the jungle says, there can only be one dominant force, and so began the downward spiral for MySpace.