Tonight’s Mega Millions drawing is worth $88 million dollars. It turns out if you were to win the Mega Millions drawing you could buy an entire social network, Myspace and still live comfortably if Myspace continued to lose money after your win.
Allthingsd.com is reporting this morning that two fairly unknown companies have surfaced as possible buyers for Fox’s struggling social network. The two companies are Specific Media and Golden Gate Capital. Have you ever heard of them? Neither have we and we stay pretty up to date on most things tech.
more after the break
Kara Swisher at Allthings d describes Specific Media as “a large, if lesser known, advertising network”. Swisher goes on to describe Golden Gate partner as “…a private equity firm with $9 billion under management, which has mostly specialized in turning around companies. It has never invested in a consumer Internet company…”
Hopefully with the experience in turning around companies, Golden Gate will be able to make something of Tom and all his buddies.
So where did all the “real” tech buyers go? Most have been put off by the trouble MySpace has seen in the past few years keeping up with Facebook. However, a group of investors including MySpace founder, and number one friend, Tom Anderson and another group which includes Activision’s CEO Bobby Kotick are said to still be in the running, but not the forefront.
Before Facebook opened up the floodgates to everyone and was solely focused on college campuses, MySpace was the number 1 social networking site. After MySpace sold to Fox everything went downhill. Currently MySpace is focusing on music and catering to bands that are for the most part just starting out.
Swisher and others agree that there are only two remaining scenarios for MySpace. The first is to shut down completely. The other is for one of these smaller deals to come to fruition. No matter what the outcome it’s evident that MySpace employees may be on the unemployment line soon, with the likes of those working for T-Mobile USA.