Rupert Murdoch paid $580M for MySpace

This is the best piece I’ve seen on MySpace. Written by Spencer Reiss for Wired Magazine, the story offers fascinating insights into the social networking site. All the smart kids thought Rupert Murdoch was insane for paying $580 million for MySpace (it’s now worth about twice that).

MySpace reaches more kids each day than MTV sees in a week. Think of it as
“an 80 million-screen multiplex where YouTube videos are always showing. Or an infinite radio dial where the DJs spin only the records you want to play.”

MySpace’s ultimate value to News Corp.: the power to make hits. A Net-fueled word-of-mouth machine.

Rupert Murdoch is 75 years old. And, like my daddy used to say, sharp as a mouse turd.

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