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Thursday, February 3, 2011

MySpace up for Sale



Newscorp announced that it’s putting MySpace up sale.

After buying MySpace in 2005 for $580 million dollars. Newscorp announced today that it’s selling the social networking site. Stating that the losses they’re suffering are “unsustainable” and that to allow MySpace to reach it’s full potential it needs new ownership and structure.

The shelf life of an average social networking site is about 5 years so it’s not too much a surprise, and with Facebook reaching over 500 million members the need for MySpace is over.

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