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News Corp offers MySpace to Yahoo! -- for $12 billion
Rupert Murdoch's News Corp picked up MySpace in 2005 for $580 million. Now the company is trying to offer MySpace, and possibly some other properties like IGN, to Yahoo! in exchange for a quarter stake in the portal. After the merger, that 25% stake could be worth more than $12 billion.It's not clear whether the recent leadership change at Yahoo! will help or hurt the deal in any way.
Yahoo! is definitely interested in breaking into the social networking game. The company made a failed $1 billion dollar bid for Facebook last year. It'll be interesting to see how much MySpace, a site that's been losing ground to Facebook in recent months, is worth to Yahoo!
Comments
2
Subscribe to commentskingkool68Jun 20th 2007 11:43AM
I dunno if I would say MySpace is "losing ground" to Facebook as Duncan Riley points out at TechCrunch that Myspace is having the best month ever traffic wise.
http://www.techcrunch.com/2007/06/20/rumors-of-the-decline-of-myspace-are-exaggerated/
netster007xJun 20th 2007 9:37PM
Yahoo! already has a myspace-like site, Yahoo! 360. It is far less customizable and far less used, though. I think if Y! gets myspace, that should replace Y! 360.