Myspace is the ugly third twin of the social networks, bought for over half a billion dollars in 2005 – it has been an un-mitigating disaster – now the preserve of unsigned musicians – it’s are far cry from it’s humble beginnings as one of the first social networks.
It was bought by Rupert Murodch’s News Corp, who paid a substantial $580 million in 2005, and now they are ready to pull the plug and off-load the ailing social network.
Chase Carey, Head of Operations at Myspace said: "The plan to allow MySpace to reach it’s full potential may be best achieved under a new owner.”
“There’s been a lot of interest, because there’s been some indication we’re pursuing this path," he continued. "We’ll consider all options… it could be a sale, it could be an investor coming in to it, it could be us staying in with a restructured ownership structure with management.”
What ever happens there’s no way for News Corp to recoup their losses, they’ll soon take over from ITV as the one of the worst social media purchases next to Friends Reunited – which was bought and then sold for a massive loss.
Via Engadget