MySpace cofounder seeks federal probe of 2005 sale of company to News Corp

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MySpace cofounder seeks federal probe of 2005 sale of company to News Corp

10-07-2006, 09:04 AM,

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mandy Offline

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MySpace cofounder seeks federal probe of 2005 sale of company to News Corp

Quote:MySpace founder Brad Greenspan claimed that e-mails and other information he has posted to the Freemyspace.com Web site show that the deal with News Corp. was consummated despite belief at the time that the company was worth more. He said an investigation would show the sale was "one of the largest merger and acquisition scandals in U.S. history."

The founder of popular social networking site MySpace.com is claiming the site is worth 100 times what it sold for last year and is prodding federal agencies to probe the sale of the company to Rupert Murdoch's News Corp.

News Corp. purchased MySpace last year for US$580 million. Founder Brad Greenspan now says the site is worth at least $20 billion and possibly as much as $30 billion to News Corp. and claims that the timing of the deal and other factors shortchanged shareholders...

full article: http://ecommercetimes.com/story/qcdPtGnl...Corp.xhtml

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