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Losses from the last quarter of 2010 had been $156 million, over double of the previous year, which dragged down the otherwise sturdy results of parent News Corp. Its struggles had been attributed to the growth of the competing social community Facebook. The deadline for bids, May 31, 2011, passed without any above the reserve price of $one hundred million being submitted. The fast deterioration in Myspace’s enterprise throughout the most recent quarter had deterred many potent suitors. Later in June, Specific Media and pop singer Justin Timberlake purchased the positioning for $35 million, which CNN reported noted was “far lower than the $580 million News Corp. paid for …
