We've noted News Corp chairman Rupert Murdoch's problems with the Internet in the past:
- Rupert Murdoch and his problem with the Internets
- Rupert Murdoch, tech-genius, preparing for war with Google?
- Does Rupert Murdoch have his eye on Twitter?
- Rupert Murdoch's MySpace blunder
Well, News Corp wants you to know that, despite rumors to the contrary, they aren't selling MySpace.
Dylan Stableford of The Wrap's Media Alley blog writes:
On Tuesday, Business Insider reported what has been speculated for awhile now: that News Corp. and its chief, Rupert Murdoch, are dangling MySpace, the once-mighty social network that has fallen out of favor – and pop culture – since Rupe bought the then-popular site for $580 million in 2005.
The report cited a “gossiper close to News Corp. management” who claims the company is peddling MySpace to private equity firms with an asking price of – get this -- $700 million. Tech Crunch followed with a report that an investment bank, Code Advisors, is working on a possible spin-off, despite the bank's denial. (I spoke with one private equity source, who sees just about every large media deal come across his desk, but he hadn't seen a book on MySpace.)
On Wednesday, News Corp. issued this terse statement: “News Corp is committed to MySpace and is not seeking a buyer.”
So, the death spiral of the one-time leading social network site continues. Congratulations Mr. Murdoch. Money well spent.