MySpace Sold Out to Specific Media for $35M

MySpace Sold Out to Specific Media for $35M

Citing it's continuously plummeting worth, News Corp. has finally sold out MySpace for a meager $35 million way below it's estimated bid of $100 million. News Corp. purchased MySpace, a budding social media mammoth then, for a whooping $580 million in 2005. The deal comes with cutting down the staff strength to half it's current number, i.e., from 400 to 200, including the CEO Mike Jones.

The bidders for the social network included the co-founders of the social network themselves, though separately this time, Tom Anderson and Chris DeWolfe. But the bid finally materialized in the favor of Specific Media, a digital ad service and advertising network on the web.

It is quite likely that the CEO and other higher authorities will stay for an interim period before handing over their positions. Further, estimates say that MySpace's further operations will have a greater orientation towards music-based services citing it's close relationship with music bands and music lovers.

What is your opinion regarding the deal? Will the deal be fruitful for the future of MySpace as well as Specific Media? Will MySpace be able to get back up as it once used to be- A giant social graph? Let in your comments to throw your opinions. Ciao.

THE PIRATE BAY NOT LIKELY TO BE SOLD OUT

THE PIRATE BAY NOT LIKELY TO BE SOLD OUT

This post is regarding the torrent-based file sharing giant The Pirate Bay being auctioned at US $ 7.8 Million. Looks like the giant is still surviving the battle of the beasts. The company has suffered a lot of nightmares during the past season. First, it is sued for breaching copyright lawsuits. Then, its founders go to jail for the same. And, after all the mess is up, the company is auctioned to Global Gaming Factor X for US $ 7.8 Million.

But now the scene is turning out to be something different from what it looked like last fortnight. It seems the Global Gaming hasn't got enough funds to work out the deal. Okay, lets take a deeper look into the scene. It all started when Global Gaming hired Wayne Rosso, the former head of Grokster.com (A file-sharing company that was sued for copyright infringement by MGM and 27 other companies) to negotiate with music and other media biggies to get legal license for the website's contents.

Wayne has now quit Global Gaming. In an interview with CNET, Wayne said that the reason he quit Global Gaming was that the company hadn't been open in the necessary manners to him and that the company didn't seem to possess enough funds to takeover Pirate Bay with the bid.

The second issue with the takeover is that Pirate Bay, even after being sued for copyright infringement, still doesn't seem to remove the objectionable content from the website. Hence the consortium of companies that filed the lawsuit against the company, want The Pirate Bay to be shut down.

So, will the company be totally shut down, or will it be back on track with the host of torrents? Possibly not! Will it be seen back in the market for some other legal business? Share your opinions below! :)

PIRATE BAY SOLD OUT FOR US $ 7.8 MILLION

PIRATE BAY SOLD OUT FOR US $ 7.8 MILLION

The online torrent based file sharing giant- The Pirate Bay has been now acquired by the Swedish gaming company Global Gaming Factor X for $7.8 Million. The company was sold after it was found to breach the international copyright laws and was sued to provide its customers with a complete channel of songs and movies for instant download.

The founders Gottfrid Warg and Peter Sund said that the company auction was too much undervalued than what it actually was. The website income is projected to be invested on a free speech and information forum.

The "now owner" of the website said that the website will be based on a newer model that satisfies all including the service and content providers.

Will Mininova and Rapidshare be soon auctioned too?

Hope you share your comments with us.