We haven’t heard any updates on the rumors of massive firings at Myspace yet today, but there’s more news on the possible sale of the site: According to The Los Angelese Times, Myspace will be sold for between $20 and $30 million.
That’s a very, very small return on the investment. Back in 2005, News Corp. paid $580 million for the site, and apparently was hoping to get an offer of at least $100 million. That hasn’t happened. The leading candidates to purchase Myspace are only offering a fraction of that.
We’re betting that the holiday weekend for execs at News Corp. and Myspace can’t come soon enough.