In June 2011, Specific Media Group and Justin Timberlake jointly purchased the company for approximately $35 million. On February 11, 2016, it was announced that Myspace and its parent company had been purchased by Time Inc. for $87 million.
Why did Justin Timberlake buy Myspace?
Hes really passionate about how can he create a better community. Timberlake said in a statement: Theres a need for a place where fans can go to interact with their favorite entertainers, listen to music, watch videos, share and discover cool stuff and just connect. Myspace has the potential to be that place.
How much did Justin Timberlake make when he sold Myspace?
MySpace peaked in 2008 with some 76 million U.S. visitors before losing ground to Facebook. News Corp. sold the company to Justin Timberlake and other investors in 2011 for $35 million.
Did Justin Timberlake lose Myspace money?
MySpace loses 12 years of music uploads, an estimated 50 million songs. Former MySpace co-owner Justin Timberlake, center, at a 2012 press event with MySpace Chief Executive Tim Vanderhook, left, and Panasonic executive Shiro Kitajima.
Does anybody still use Myspace?
The Current State of Myspace Officially, however, Myspace is far from dead. If you go to myspace.com, youll see that it is very much still alive, though it has mostly transitioned away from social networking to become a curated music and entertainment site. As of 2019, the site boasted over 7 million monthly visits.
Who owns Myspace currently?
TI Gotham Inc. Time Inc. Myspace/Parent organizations
Did Myspace go out of business?
At its peak in April 2008, Myspace and Facebook reached 115 million unique users, and Myspace narrowly lost to the newly emerging Facebook in terms of global users. On February 11, 2016, it was announced that Myspace and its parent company had been purchased by Time Inc. for $87 million.
Is Facebook stock still a good buy?
But theres good reason to believe shares are still worth buying at these levels. Finally, Facebook stocks valuation is still very conservative. The company trades at 27 times earnings even though the consensus analyst forecast calls for earnings per share to increase at about 29% annually over the next five years.