Did Tom really sell myspace for 500 mil?

[Shane M]

i heard it somewhere and im not sure if its a myth or true...

[snχɐɹqɐ]

ummm... yeah.. like 4 years ago....

but "Tom" is still the CEO

2009 News:

News Corp.’s “other” segment, which includes MySpace parent Fox Interactive Media, reported a third quarter operating loss of $89 million, down $82 million from a year ago.

The company said:

The decline in FIM operating results was driven by lower advertising revenues combined with increased costs associated with the MySpace music joint venture and the launch of new features.

Specifically, FIM ad revenue was down 16 percent in the quarter. Executives noted that there will be more costs coming out of FIM. Murdoch said that Miller will be making MySpace “a much more attractive site” that won’t be chasing Facebook for users that can’t be monetized. Murdoch added:

“We’re not going for the Facebook model of getting hundreds and hundreds of millions of people who don’t bring any advertising with them at all.”

Luckily the rest of the company is a cash cow. News Corp. reported net income of $2.7 billion, flat with a year ago. Revenue, however was $7.37 billion, down from $8.75 billion a year ago.

[jayKAY]

It was sold for $580 million in 2005 to Fox News, which is owned by Rupert Murdoch.