Let's hear it for MySpace, one of the leading case studies in future business books on how NOT to purchase and run social media. Rupert Murdock (News Corp., everything Fox, Wall Street Journal, and much, much more) bought MySpace near the top of the market back in 2005. Self-proclaimed business genius notwithstanding, he lost over $90 million per year based on the fire sale last week.But the fun part of the deal, besides tweaking Murdoch, is that Justin Timberlake has jumped into the picture, and bought into the deal that gave Specific Media ownership of MySpace. Lots of commentary from places like the Ministry of Gossip, which certainly sounds like it should be based near Hollywood, noticed the cinematic irony that Timberlake, after playing in that little movie about Facebook, is now buying MySpace.
