Specific Media Buys Myspace

money pileSpecific Media purchased Myspace for $35 million.  They hope to link up both companies and re-innovate digital technology.

Specific Media bought Myspace for a fraction of the price News Corp. paid–a lofty $100 million. The networking platform, once believed to be the most vibrant and adaptive social networking platform around was purchased for less than half that figure.

The company plans to do big things with its most recent acquisition.  Specific Media CEO Tim Vanderhook indicated in a press release, “We look forward to combining our platforms to drive the next generation of digital innovation…There are many synergies between our companies as we are both focused on enhancing digital media experiences by fueling connections with relevance and interest”.

Myspace has drifted into more of a media/music platform.  We will have to wait and see if Specific Media has in store similar strategies to build off that.




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