June 30th, 2011

File this one under "What ever happened to..."

From http://allthingsd.com/20110629/exclusive-myspace-to-be-sold-to-specific-media-at-35-million/?refcat=social:
Myspace has been sold to to Specific Media, an advertising network, for $35 million.

The price is well below the $100 million that News Corp. had been hoping for and a chasm away from Myspace’s one-time billion valuation.

The deal includes a halfing of Myspace’s staff of 400, as well as other cost cuts. It’s likely Jones and other top staff will remain only for an interim period.

News Corp. bought Myspace for $580 million in 2005, and made that back via a lucrative advertising deal with Google when the social networking site was flying high.

But that was another time–the media giant has been trying to sell the site before the end of its fiscal year, which falls on Thursday, in order to get it off the books.
FT Alphaville adds:
Myspace’s value dropped roughly $174 a minute under the ownership of Rupert Murdoch.
Vanity Fair has A List of Things Worth More than MySpace.

(no subject)

Yuri Gripas / Reuters

From http://www.washingtonpost.com/politics/fec-allows-colbert-to-form-super-pac-for-2012-elections/2011/06/30/AGxVGBsH_story.html:
Even a gifted comedian can’t make campaign-finance law funny.

In a meeting devoid of anything beyond a gentle chuckle, the FEC decided that Colbert could go ahead with his plans to form a self-titled “super PAC” that could raise and spend unlimited money on the 2012 elections.

But the panel also concluded that the television host’s employer, Viacom Corp., would have to report any help it gives to Colbert for political activities outside the “Colbert Report” show.

Any assistance from Viacom outside the show must be treated as “in-kind” contributions and reported to the FEC.

Colbert’s request was part of a long-running satire by the Comedy Central host poking fun at loosened campaign finance rules. But Colbert himself said very little during the hearing, leaving most of the talking up to his attorney, Trevor Potter, and to FEC commissioners.

The real parody came outside the FEC building, where Colbert began accepting donations from fans for the Colbert Super PAC.

About 100 fans, media types and hangers-on crowded in front of the FEC offices on E Street NW to shout questions and offer contributions. One woman was wearing a shirt covered in dollar bills; Colbert himself took donations by swiping credit cards on a specially outfitted iPad.
Personally, I think I'd wait and see what Colbert's Super PAC is actually going to do before donating any money.