🖤 Donations of all sizes power our public service journalism Give Now

MySpace goes to Specific Media, may get SexyBack.

John Moe Jun 30, 2011

Specific Media did indeed agree to buy MySpace yesterday
. They’ll pay $35 million in cash and stock for the site (NewsCorp paid $580 million in 2005 and was asking $100 million for the site.) Whoops.

But there may be hope for the punch line of a social network. Justin Timberlake played moneybags in the Myspace sale. He was an equity investor in the Specific Media deal and will have an office and team at Myspace. But chances are that he’s not going to be bringing it on down to Omeletteville (a.k.a. Myspace HQ) too often. He is signed on to be a sort of creative guide.

There’s a lot happening in the world.  Through it all, Marketplace is here for you. 

You rely on Marketplace to break down the world’s events and tell you how it affects you in a fact-based, approachable way. We rely on your financial support to keep making that possible. 

Your donation today powers the independent journalism that you rely on. For just $5/month, you can help sustain Marketplace so we can keep reporting on the things that matter to you.