Fox News Parent Sells Myspace for $35 million

What a Deal!

In 2005 the News Corp, parent of Fox News bought up and coming internet sensation Myspace for $580 million.  Here is a report from the LA Times.

Myspace, once the dominant social networking site on the Internet but now an afterthought to Facebook, will be sold to Specific Media in a deal worth $35 million in cash and stock, a person familiar with the matter said. 

The acquisition by the Irvine-based advertising network is expected to be completed Wednesday.

News Corp., which acquired Myspace in 2005 for $580 million as part of a bold digital strategy, plans to retain a small stake in company. The media conglomerate had hoped to fetch as much as $100 million for the site, which has been steadily shedding users and advertising revenue over the last several years.

Next Question:  Can anyone tell us why Fox Business Channel is not doing all that great?  Anyone? There must be some reason.