Link: MySpace Sold for 6% of its Purchase Price →

In just six years, MySpace seems to have dwindled down a substantial amount. When News Corp bought the company in 2005 they paid $580 million for the social networking site. It was just announce that Specific Media is buying MySpace from News Corp for a mere 6% of its original price, $35 million. MySpace at one time seemed to be the go to social networking service, but it was very quickly beaten by the likes of Facebook and Twitter. Be sure to read yesterday’s post “The Answer to Facebook” for more thoughts on where social media is now and where it might be going.