News Corp’s 35 million sale of more than 90% MySpace depreciation

news group’s social networking site MySpace CEO Mike · Jones (Mike Jones) today sent e-mail to all employees confirmed that the online media and advertising platform Specific Media price of $35 million acquisition of MySpace.

MySpace, chief operating officer Charles · Carey (Chase Carey) said in February that he hopes the company before the end of the fiscal year (June 30th) the completion of the sale.

news group in 2005 to $580 million acquisition of MySpace, but the site’s status in the social networking field was Facebook beyond. News Corp had hoped to sell MySpace for about $100 million. Although the $35 million price is only equivalent to the original 580 million bid 6%, but the news group did not lose too much, MySpace and Google signed a search and advertising agreement in early 2006, $900 million in June 30th last year, due to the subsequent signed a new agreement.

MySpace, founder of de Wolf believes profit pressure is an important cause of MySpace development is not smooth, when Facebook, Tumblr and Twitter and other competitors are backed by venture capital for a lot of burn, MySpace greatly affected the profitability requirements continue to improve and develop the product itself.

below is the full text of the email:

MySpace all staff:

today we announced that MySpace will be the world’s leading online media and advertising platform Specific Media acquisition. In the next few days, including the company’s CEO Tim · Hooke (Tim Vanderhook); memtech, Specific’s team will be announced on the future direction of MySpace plan.

in order to successfully complete this transaction, we are also conducting a series of corporate restructuring strategy, including a large number of layoffs of employees. In the next two months, before I leave I will help Specific to complete the transition.

I would like to take this opportunity to thank all the staff, let me in the leadership of the company to obtain a rare experience, have the honor to work with you in the past few years. Although I can not stay in the future to continue to work MySpace expressed regret, but I have to pay for our efforts is very proud, I always think of the past even in the difficult circumstances of our performance is still very good.

was the most attractive and challenging period of my career at MySpace. I set up the best talent in the industry

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