Myspace to Sell For a Song

Twenty to $30 million is the estimated selling price for the once giant social networking site Myspace. That’s a far cry from the $100 million News Corp. was hoping to charge, and a mere fraction of what the $580 million they bought Myspace for back in 2005.

The bargain basement pricing doesn’t bode well for the Bevery Hills-based company’s remaining 500 workers. According to the AP, inside sources are estimating that more than half of Myspace employees will get laid off.

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