Final Sale Price and Acquisition Details
Myspace was sold to Specific Media and Justin Timberlake in June 2011 for $35 million, a fraction of the $580 million News Corp paid for it in 2005. The deal transferred the social network and its user data to a new ownership group focused on music and entertainment. The transaction was reported by multiple outlets, including a Forbes summary of the Myspace sale price and timeline. The acquisition marked the end of Myspace's era as the world's largest social network.
Before the 2011 sale, Myspace had been valued at over $12 billion during its peak in 2008. The sharp drop from that valuation to $35 million reflects the platform's rapid loss of users and market share to Facebook. News Corp had written down the value of Myspace multiple times in the years leading up to the sale. The final transaction was structured as a combination of cash and assumed liabilities.
Ownership Structure and Corporate History
Myspace was originally owned by News Corp, the media conglomerate led by Rupert Murdoch, which acquired it through its Fox Interactive Media division. After the 2011 sale, Specific Media, a digital media firm, and Justin Timberlake became the primary owners and rebranded the platform. The company later went through several ownership changes and restructurings as it pivoted toward music and entertainment content. Detailed corporate filings and financial disclosures are available through the SEC website for public company transactions.
In 2016, Myspace was acquired by Time Inc., which was itself later acquired by Meredith Corporation. The platform has continued to operate under various parent companies, though it has never regained its former prominence. Each ownership change brought shifts in strategy, management, and investment in the platform's technology and features.
Current Valuation and Financial Standing
Myspace is not a publicly traded company, so its current market capitalization is not reported on stock exchanges. The platform continues to operate as a niche social networking and music discovery service with a small active user base. Its current valuation is estimated to be in the low millions, a dramatic decline from its peak. The site's financial details are not regularly disclosed since it is held by private owners.
The Myspace domain and brand remain valuable intellectual property, but the platform's revenue streams are limited compared to major social networks. Advertising revenue is minimal, and the site relies on a combination of premium features, music partnerships, and data licensing. The financial trajectory of Myspace serves as a case study in the rapid rise and fall of internet platforms.