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NMA: News Corp's big clearance: MySpace must go.

submitted by ant

1 decade 2 years 9 months 1 week ago

"Once upon a time MySpace was the most popular social media platform in America. In 2005, Rupert Murdoch bought MySpace's parent company for $580 million.

However, since then MySpace has taken a nose dive. Critics say it alienated users with a cluttered page, too many ads and bad security.

Newcomer Facebook soon caught up... users liked its cleaner interface and better functionality.

Soon nobody was using MySpace except for wannabe musicians. Murdoch became dismayed to find his pricey purchase was burning cash.

According to sources close to the deal, MySpace is now going for around $30 million as Murdoch tries to get the money losing company off the books."