July 1, 2011
From 1,400 employees two years ago, the number of employees at Myspace now number just around 200. This development follows after News Corp. sold the social networking site to Specific Media and after Justin Timberlake, who portrayed Sean Parker in the movie “Social Network”, joined the company.
Myspace, was sold for $580 million to Rupert Murdoch. The plan back then, according to Business Insider was to “merge MySpace into Yahoo and save Yahoo from Microsoft’s clutches…as long as Yahoo agreed to value MySpace at something like $10 billion.” Myspace was recently sold for just $30 million.
Tim Vanderhook, Specific Media CEO, is practically singing the same song. According to an article in CNET plans to use Myspace to build a “digital media company on par with Yahoo, AOL, Facebook, and all the other big names out there.”