« Colin Powell joining KP | Main | 80's Mercedes - The New Hip Car »
News Corp Buys Myspace for $580M
bambi reports that news corp bought intermix, the parent of myspace, for $580m today. i have to admit that i passed on buying intermix stock a while ago at $6 because i thought that the overall valuation was too high for just the myspace asset. given the reported revenue numbers for myspace of around $9m, this had to be a highly strategic acquisition. i had thought recently that someone like viacom might be myspace or the facebook to add to their mtv properties as these sites are starting to aggregate such large young audiences. this looks like a nice fast exit for redpoint which i believe funded myspace a year ago at a $50m valuation. not sure how this worked out for them but guessing they made at least 5x, which would probably be about $50m on $10m.
July 18, 2005 in social media, social software, venture capital | Permalink
TrackBack
TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d8341c98a353ef00d8345ef53669e2
Listed below are links to weblogs that reference News Corp Buys Myspace for $580M:
» links for 2005-07-19 from seanbonner
Stealth Campaign: Metroblogging Wants to Rule the World :: LAVoice.org (tags: blogs blogging business metblogs metroblogging losangeles) Mark Pincus... [Read More]
Tracked on Jul 19, 2005 5:17:16 AM
Comments
Somebody will have to introduce me to the redpoint VC :-)
Posted by: Randy Charles Morin | Jul 18, 2005 10:44:06 AM
"aggregate such large young audiences"
Quote of the week!
Posted by: Raj Bala | Jul 22, 2005 4:23:03 PM
Rumor has it that myspace is coming out with a better version of there site on another domain name starting march 1st it will be another social networking community site with alot more features. I guess to stay ahead of other sites coming out like myspace.com also i heard it will be called www.FriendWise.com i guess well just have to see if friendwise happens.
Posted by: myspace | Feb 12, 2006 9:53:40 PM
The new answer to myspace has arrived. Faster loading pages, better content layout, and so many new features you will wonder why you tried to find a way to make them work on there.
Give it a run at http://www.linkingfolks.com
Posted by: LinkingFolks | Mar 29, 2006 10:58:59 AM
Rumor has it that www.friendsnest.com is coming out with a better version august 20th
Posted by: friendsnest | Aug 15, 2006 9:21:38 PM
There are better sites out there like the one mentioned above FriendWise it has excellent features and your blogs will be read alot more. Also for a adult version there is www.xadultspace.com which is growing quickly.
Posted by: myspace | Sep 4, 2006 1:42:59 PM
Ya I still cant believe it, I mean they only get paid for advertising and really the ads are not getting there RTI but they do it anyways.
It's a lose lose
Posted by: adult networking | Mar 4, 2009 12:14:24 AM
