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The Worst Tech Mergers and Acquisitions of Recent Times
By siliconindia
News Corp and MySpace
At the time of its acquisition in 2005 by News Corp., MySpace was the leading social networking site, which could drive its traffic to News Corp. After the deal, it stopped innovating--becoming just another property in the Murdoch domain, while Facebook and Twitter continually launched new features to improve social-networking experience.
The deal required MySpace to place even more ads to its already heavily advertised space, making the site slow, less flexible, and difficult to use. MySpace couldn't experiment on its own, without forfeiting revenue, while Facebook was rolling out a new, clean site design. MySpace built everything in-house and was not deep enough in its product offering.
In 2009, MySpace underwent layoffs and management shakeups, and the users disliked interface tweaks. In June 2011, News Corp has sold off MySpace for $35 Million, far less than the $580 million News Corp paid for MySpace in 2005.
