Who Purchased Myspace
Myspace was acquired by Specific Media and Justin Timberlake in June 2011 for approximately $35 million, a fraction of its peak value. The deal marked the end of News Corp's ownership and the beginning of a new strategy focused on music and entertainment. The transaction was widely reported by major outlets, with details confirmed by the company and industry sources at the time. Learn more about the 2011 sale on Forbes.
Before Specific Media, Myspace was owned by News Corp, which had acquired it in 2005 for $580 million. Under News Corp, Myspace was the dominant social network before losing ground to Facebook. The rapid decline in users and market share made the platform a challenging asset, leading to the decision to sell. The acquisition by Specific Media and Justin Timberlake aimed to reposition Myspace as a music-centric social destination.
Myspace Ownership Timeline and Key Transactions
Myspace was founded in 2003 by Tom Anderson and Chris DeWolfe and later sold to News Corp in 2005 for $580 million. The platform peaked in popularity in the mid-2000s, becoming the most visited social networking site in the world. However, by 2011, Myspace had lost the majority of its user base to competitors, prompting the sale to Specific Media and Justin Timberlake for around $35 million. This acquisition was a clear indicator of the platform's diminished market position.
In 2016, Myspace was sold again, this time to Time Inc. for an undisclosed sum, as part of a broader portfolio of digital assets. Time Inc. later merged with Meredith Corporation, and the Myspace domain and user data remained part of the portfolio. The subsequent sale and restructuring efforts highlighted the ongoing challenges of reviving a legacy social network in a market dominated by newer platforms. Details on the 2016 transaction are available on SEC filings.
Current Status of Myspace
Myspace still exists as a platform, but it has a minimal user base compared to its peak and is no longer a significant player in the social media landscape. The site now primarily serves as an archive for old profiles and music content, with limited active engagement. The current ownership structure is tied to the corporate entities that acquired the brand in subsequent years, with the focus on maintaining the domain and historical data rather than aggressive growth.
Efforts to modernize Myspace have not resulted in a significant return to relevance, and the platform is often cited as a cautionary tale in the tech industry. The brand remains a notable part of internet history, representing the early era of social networking before the rise of Facebook, Instagram, and TikTok. The current state of Myspace reflects the broader trends of consolidation and rapid change in the social media market. For a current overview of Myspace's status, see the latest reporting on TechCrunch.