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ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha
Yeah Justin Timberlake bought it lol. $35m is so little but I hate to tell you New Corp still made a lot of money out of Myspace.
Also apparently James Murdoch isn't going to succeed him but that's probably a massive lie.
Nobody has used it since 2006 and they sold it at a half billion loss.
They recouped billions in advertising till about 2008 (but on second glance nowhere near as much as I thought they had). The plan had been to expand into China I think but that didn't happen idk why.
so yeah ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha
(and they still have a stake in Myspace)
Trying to find out what the remuneration etc was but I don't actually care so yeah they MAY have got an ok deal with this.
and I retract this statement about "probably a massive lie"
Neither Rupert Murdoch nor James Murdoch is probably a massive liar.
and countless other deals like this. (also, your modelling doesn't take into account value extracted from the company/business during its period of tenure, so it doesn't show an accurate picture.)
This is why you spread your acquisitions widely. You can usually afford to take a hit somewhere along the line, and in fact, it's par for the course.
How did they scrape that back?
but it was absorbed fairly easily and the recent loss is only booked as something like $250m.
Bebo was founded by Michael Birch and his wife Xochi Birch in January 2005 at their home in San Francisco. It was acquired by AOL on March 13, 2008 for $850 million, with the Birch's combined 70% stake yielding a profit of $595 million from the deal.
However the founders and executives of Bebo had stated that their end goal had been to sell out to a larger company, as they were well aware of the site's platform instabilities. Many suggested that AOL overpaid for Bebo, especially as advertising suffered a downturn due to the financial crisis. Furthermore AOL was unwilling to invest and continue developing Bebo so that it could remain competitive with Facebook.
In April 2010, AOL announced it was planning to sell or shut down Bebo, with the sale being completed on June 17, 2010 to Criterion Capital Partners for an undisclosed sum which was reportedly under $10 million.
The BBC said that the AOL purchase of Bebo was "one of the worst deals ever made in the dotcom era", and it cost then-CEO of AOL Randy Falco his job.
is that someone still thinks myspace is worth $35m
In 1997 James Murdoch *persuaded News Corp to offer $450m for a hot but technically and financially stretched software company called PointCast. Fortunately for him, the deal stalled and was not concluded: "We wouldn't let our offer sit out there indefinitely,'' Murdoch told the Businessweek website. "They [Pointcast] did have an opportunity . . . and they didn't take it.'' Two years later, the now troubled PointCast was bought by another company for only $7m.*