Teen hangout MySpace.com kinda reminds me of Angelpod and Trifire circa 1998, which must make News Corp. into Lycos circa about-the-same-time... at least with regard to this purchase. Good background from Bambi Francisco, including mention of RagingBull.com founder Bill Martin's involvement in the growth path of this company.
Media conglomerate acquisitions of growing online communities have ranged from the modest (in 1998, Tripod was reportedly acquired by Lycos for a mere $58 million) to the stupendous (Geocities bought out by Yahoo for $3 billion, give or take a billion). The ones at the high end must be awfully encouraging to the ones at the "low" end.
It feels like we're in the middle of a VC-fueled cycle right now, one that's friendly to these kinds of growth plays. This is made more plausible when a real buyer like News Corp. shows up to validate these lofty valuations.
Posted by Andrew Goodman
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