MySpace sold for small change

Highlighting the dangers in purchasing Social Networking sites, that attract zillions of fickle people always prepared to go with the next cool thing, News Corporation has bitten the bullet, selling MySpace for US$ 35 million, having paid US$ 580million for it six years ago.

As recently as 2007, it had a valuation of around US$12 billion but has lost the battle with Facebook, established a year later and despite very public legal wrangles as to who had the original Facebook idea, it is still the one to beat.

The new owners of MySpace include a high profile, very talented and much loved celebrity, Justin Timberlake and he may well prove to be an ace card, having a massive global following himself, that may result in the rejuvenation of an ailing brand.

Watch this space !