After buying MySpace for $580 million five years ago, News Corporation will sell the dying social network at a steep discount, with bids due this week. But don't even think about bidding below $100 million. MySpace has its dignity!
One of MySpace's potential buyers, which include a Chinese internet portal and various private equity firms, told the Wall Street Journal that News Corp. has set a $100 million floor on bids for MySpace. Because apparently News Corp. chairman Rupert Murdoch will gladly take a $480 million bath on the value of MySpace, but they absolutely refuse to take a $481 million bath. OK!
In fairness, News Corp. probably did fine on MySpace when you factor in the $900 million in MySpace advertising it sold to Google five years ago. Did fine, that is, unless News Corp. somehow manages to blow even more of that money trying to keep MySpace alive on its own books. Just sell, already! That death stench is contagious, you know.
[Photo via Getty]