The price is well below the $100 million News Corp was seeking just two months ago, and far from the $580 million it paid for the site in 2005.
In a memo to Myspace employees, outgoing CEO Mike Jones stated that: “In conjunction with the deal, we are conducting a series of restructuring initiatives, including a significant reduction in our workforce. I will assist Specific with the transition over the next two months before departing my role as Myspace CEO.”
News Corp is rushing to close the deal before Thursday, the end of its fiscal year, so the company isn’t on the books for 2012. Its projected revenue for FY2011 is $109 million, while expenses add up to $274 million, according to Venture Beat.