Wednesday, June 29, 2011

Fire Sale

Okay. This doesn't have much to do with animation, but it's amusing all the same. And based on what our big entertainment conglomerates have done with the magic of the intertubes to date, it's pretty typical:

After a sales process that lasted several months and featured a last-minute swerve, Rupert Murdoch's News Corp. on Wednesday agreed to sell money-losing social networking site MySpace to online advertising network Specific Media for around $35 million ...

So Rupert and his minions took over a half billion dollar bath on their purchase and resale of MySpace. (You do a bunch of deals like that, and you're probably not going to be a big, fat conglomerate for very long).

But it's all good. Because Justin Timberlake is now a minority shareholder. Also amusing, since Justin played one of the profit participants of Facebook in the movie Social Network.


rufus said...

"Schadenfreude (i /ˈʃɑːdənfrɔɪdə/; German pronunciation: [ˈʃaːdənˌfʁɔʏdə]) is pleasure derived from the misfortunes of others.[1] This German word is used as a loanword in English and some other languages, and has been calqued in Danish and Norwegian as skadefryd and Swedish as skadeglädje."

Especially applicable if Murdoch loses money.


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