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Myspace to Sell For a Song

Twenty to $30 million is the estimated selling price for the once giant social networking site Myspace. That’s a far cry from the $100 million News Corp. was hoping to charge, and a mere fraction of what the $580 million they bought Myspace for back in 2005.

The bargain basement pricing doesn’t bode well for the Bevery Hills-based company’s remaining 500 workers. According to the AP, inside sources are estimating that more than half of Myspace employees will get laid off.

It’s not yet known which of the interested buyers will purchase the company. News Corp. hopes to have a sale finalized by Thursday.

We’re still shocked that a hip cat like Rupert Murdoch could somehow run a burgeoning social networking site into the ground.

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