What once world-leading social networking website was bought by Rupert Murdoch's News Corporation for $580m in 2005, and sold to Specific Media Group and Justin Timberlake for $35m in 2011?
News Corporation and pop singer Justin Timberlake bought the site for $35 million, which CNN reported noted was "far less than the $580 million News Corp. paid for Myspace in 2005." Murdoch went on to call the Myspace purchase a "huge mistake". On 13 July 2011, Rupert Murdoch announced that the company would withdraw its takeover bid for BSkyB due to concerns relating to the "News of the World" scandal. News Corporation already owned, and continues to own, 39.1% of BSkyB. On 6 June 2012, News Corporation announced that it would buy out ESPN Inc.'s stake in ESPN Star Sports to gain
News Corporation takeover bid for BSkyB News Corporation takeover bid for BSkyB The News Corporation takeover bid for BSkyB was a proposed takeover of British Sky Broadcasting (BSkyB) by News Corporation, the media conglomerate of Rupert Murdoch. The bid was launched in June 2010, but was withdrawn in July 2011 following the News International phone hacking scandal. News Corporation already owned 39.1% of BSkyB, and held on to its stake following the collapse of the takeover bid. The takeover was an essential part of News Corporation's business strategy, not least as it would have made possible integration with other entities such as Sky Deutschland and Sky