Corporate
Jul. 1, 2011
Myspace Sold for a Song
Hogan Lovells advised News Corp. on sale of Myspace--for $545 million less than what the media giant bought it for.
Daily Journal Staff Writer
When News Corp. spent $580 million to buy Myspace in 2005, it was the envy of many a media company. Yesterday, it sold the social networking website to Irvine-based Specific Media LLC for a fire sale price of $35 million.
"I think Myspace was somewhat blindsided by the rise of Facebook," Brian J. Pass, a partner at Sheppard Mullin Richter & Hampton LLP said. "Myspace was early to ...
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