I’ve Heard of Seller’s Remorse, But This Is Ridiculous
If you haven’t heard about this, it will probably be one of those “put down the coffee before you spit it out” stories.
News Corp. bought Intermix Media, the owner of MySpace.com for $580 million in July 2005.
At the time, as this recent Forbes article indicates, more than a few people thought that New Corp. “had overpaid for a faddish web site” (the Forbes article puts the price tag at $650 million).
Which makes it intensely comical that MySpace.com’s founder is now saying the deal should have been done for $20 billion — yeah, with a B (HT Techdirt).
On March 17 of this year, News Corp. was worth $56.6 billion.
Yeah, MySpace is “obviously” more than one-third of News Corp’s value (/sarcasm).
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UPDATE, 4 PM: “News Corp says judge rules MySpace deal was lawful“
