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MySpace – Bought High, Selling Low

LOS ANGELES (Hypebot) – NewsCorp paid $580 million for MySpace in 2006. Now its close to being sold for $30 million, far less than the $100 million that they had hope to get for it; and the two prospective buyers are ones that few have ever heard of.

As part of the deal, MySpace will reportedly lay off 150 or more employees tomorrow.

Specific Media and Golden Gate Capital are the two bidders left, according to Kara Swisher of AllThingsD, in a deal which News Corp hopes to complete by Thursday, the end of its fiscal year. Specific Media, a large ad network appears to be the most active bidder along with turnaround specialist Golden Gate Capital, a private equity firm with $9 billion under management.

Sources put the bidding in the $30 million range, just 5% of the $580 million that NewsCorp paid for MySpace just 5 years ago and 30% of its most recent asking price.