Justin Timberlake Buys MySpace!

[Parsad]

So it looks like playing Sean Parker in "The Social Network" triggered something in Justin Timberlake.  He's part of the group buying MySpace for $35M from News Corp.  Cheers!

 

http://finance.yahoo.com/news/Justin-Timberlake-part-of-apf-2481363894.html?x=0&sec=topStories&pos=4&asset=&ccode=

[Uccmal]

Well, being an actor/musician isn't always associated with business brilliance.  ::)

 

Maybe he should stay to his core competencies.

[Guest Hester]

 

The deal is for $35 million, mostly in Specific Media stock, according to a person familiar with the matter. That's a small fraction of the $580 million that News Corp. paid for the site six years ago. The sale resulted in the layoff of about half of the site's remaining 500 workers, said the person, who was not authorized to speak publicly and spoke on condition of anonymity

 

 

Large media companies have shown time and time again that they will constantly make bad tech acquisitions.

[oddballstocks]

There was a great article in this week's BusinessWeek about the death of MySpace. 

 

http://www.businessweek.com/magazine/content/11_27/b4235053917570.htm

[nodnub]

Well, being an actor/musician isn't always associated with business brilliance.   ::)

 

Maybe he should stay to his core competencies.

 

So far Murdoch is the one who has egg on his face :)