News Corp bought Myspace for $580 million in 2005. In 2011, Specific Media and Justin Timberlake acquired it for about $35 million. The dramatic change in Myspace’s value within just six years remains one of the most striking stories in the history of social media and the early internet. At the height of its popularity, Myspace was not simply another website; it was one of the defining online destinations of the mid-2000s, allowing users to build personalized profiles, connect with friends, discover music and shape their digital identities. News Corporation’s decision to purchase the platform reflected the enormous potential that media companies saw in social networking. Yet the eventual sale for a reported $35 million demonstrated how quickly technology markets can change when user habits, competitors and digital business models evolve.
When News Corporation acquired Myspace in 2005, the social network was experiencing extraordinary momentum. The Guardian reported that News Corp paid $580 million for the platform, which had been founded only a few years earlier and was rapidly becoming a major force in online culture. The acquisition was part of Rupert Murdoch’s broader strategy to strengthen the company’s position in digital media at a time when traditional media businesses were increasingly looking toward the internet for future growth.
