[ BIRTH ]
From day one we used eUniverse's vast audience to promote and jumpstart Myspace.com.
As eUniverse got well known in Los Angeles, and with Sony as one of my key investors, I was able to get better and better guys to come work for me. Most high level managers I hired were excited to work on projects for a company that already had such a huge user base.
We were stacked with talent!
THE CREATION OF MYSPACE -V1.0
[ SELL OFF ]
NEW YORK (FORTUNE) - When News Corp. (Research) paid $580 million for MySpace, an Internet site for teens and young adults, some people figured that Rupert Murdoch's fascination with all things digital had once again led him to overpay for a new-media property.
[ VEGAS BABY @ Mix 06 ]
Report: MySpace Most Popular Site on the Internet
Rupert Murdoch must be very pleased today as MySpace for the first time surpassed Yahoo! Mail as the most visited domain on the Internet in the US.
[ DEAD AT THE TENDER AGE OF 8, FOUND DECEASED WITH ALCOHOL POISONING IN A RANDOM STREET GUTTER ]
According to the terms under discussion, Specific Media would pay significantly less than the $100 million News Corp. was hoping for, with News Corp. retaining a small stake in the site. One person familiar with the talks said Specific's deal would be valued at between $30 million and $40 million, although details of the deal continue to be negotiated. The site, whose business deteriorated as rival Facebook took off, may still end up in another company's hands.
This isn't too uncommon as the same thing happened to Bebo and the same thing is going to happen to Facebook, but:
Let us never forget the difference between racking up a bunch of debt capital and opening data centers and actually earning money.
MySpace just fired everybody a couple days ago. Half got directly booted, and the other half got a layoff package. There are that many more jobless walking the streets of LA this week.