:bowrofl:
That is awesome!!!
uhhh, I’m guessing thats the creator of myspace?
yep…his name is Tom and he is everybody’s :friend: on myspace
now he just sold it…
makes sense now
$580 million.
awesome
holy crap - - Maybe I’m a long lost cousin or something fingers crossed HAHA
Haha, that picture is the best!
My space didnt get the 580 million, the media company that owned myspace did. But they do get about 32 million which is still alot of chedda.
http://www.siliconbeat.com/entries/2005/07/18/web_20_peak_myspace_sells_for_580_million.html
Web 2.0 peak? MySpace sells for $580 million
Updated
MySpace, of Los Angeles, has long been considered the hottest of the new generation of social networking companies. The New York Times reports:
The News Corporation, making one of its largest bets on the Internet, announced today that it is paying $580 million in cash to acquire Intermix Media Inc., a Los Angeles-based company whose chief asset is MySpace.com, a Web site that is enjoying surging popularity with young audiences.
Could this represent the peak of the current Web 2.0 wave?
Update: Well, the answer to our question seems to be a resounding “no,” judging from comments. There are a few saying things look pretty heated, but as Jeremey Zawodny suggests in comment below, this may not be a problem with Web 2.0 per se.
Also, here are the winning Silicon Valley investors in the deal, as outlined by VentureWire (sub required):
Both VantagePoint and Redpoint invested about the same in Intermix, but VantagePoint came in about a year before Redpoint so its stake is worth far more. VantagePoint invested about $10 million in the fall of 2003 and owned 22.4% of the company, meaning the firm will receive about $130 million in the deal with News Corp. Redpoint purchased Intermix’s shares for about $10.5 million with investments in December and February, giving it a stake of less than 5%, according to partner Geoff Yang. That would give Redpoint less than $29 million.
Redpoint also has a 25% stake in fast-growing MySpace after a $4 million investment placed only about seven months ago. Intermix owns 53% of MySpace but as part of the News Corp. deal agreed to acquire the remaining 47% for $69 million, said David Krawitz, a PR rep for Intermix. So Redpoint will get a little more than $17 million while founders, management and employees - which own the other 22% in MySpace - will take in nearly $52 million (see correction below)
CORRECTION: VentureWire has since corrected its math: Redpoint will likely get somewhere around $36 million on the sale of its 25% stake in MySpace, while founders, management and employees - which own the other 22% in MySpace - will take nearly $32 million.
i bet u it wont be free no more
haha thats great…f*ck’in myspace…
ttt
anyone watch the ‘its always sunny in philadelphia’ where they were bustin on myspace???
myspace FTL…bunch of wannabe internet superstars
facebook will be next… they both are overrated anymore