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Rumor has it that News Corp, the company which owns MySpace is exploring the possibility of selling their largely popular social network to Yahoo in exchange for 30% of their stock. Rumors like this usually run out of steam even before they take off, but News Corp seems to have confirmed this deal with an article on one of their own newspaper, Times of London.
If Yahoo ends up shedding 30% of its stock to News Corp, it’s a good return for their investments. News Corp bought MySpace for just $580 million in July 2005 and 30 percent stake in Yahoo is worth around 10 – 12 billion. Is it a good deal for Yahoo?
No comments have emerged for either of the sides, but it’s quite surprising that this article has appeared in Times London (yet another News Corp property).
If this rumor is true, then it would be a desperate move by Yahoo. Previously, Yahoo offered $1.6 billion to acquire Facebook, but they turned it down. Maybe, Yahoo should run to Facebook with a better deal. I’m sure they’d be willing to sell Facebook for atleast half the price.
[Image: ReadWriteWeb]
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wrote, on June 21st, 2007
I have to agree to you on this. I feel FaceBook is much cleaner, and has more potential than Orkut and MySpace.
wrote, on June 21st, 2007
I too heard about this rumour. Now its turn of Yahoo to go on an acquiring spree..
wrote, on June 22nd, 2007
Well, I thought Yahoo! also had a Social Networking site at Yahoo! 360. Guess I’m wrong.
wrote, on June 23rd, 2007
[...] Rumor has it that News Corp, the company which owns MySpace is exploring the possibility of selling their largely popular social network to Yahoo in exchange for 30% of their stock. Rumors like this usually run out of steam even before …Yahoo! to acquire MySpace? [...]
wrote, on June 23rd, 2007
why would fox sell..