Rupert Unloads MySpace

And loses his shirt in the process. From Tom Taylor's column at Radio-Info.com this morning...

"An ignominious fire sale for MySpace – sold for just $35 million. Compare that figure reported by AllThingsD to the price Rupert Murdoch’s News Corp. paid just five years ago - $580 million. In fact, that was considered to be such a coup that Viacom chief Tom Freston lost his gig because Sumner Redstone felt Freston should’ve pulled the trigger and bought MySpace for Viacom. The searing example of what happened to Freston probably weighed on his colleague Les Moonves at CBS. Les went on to pay up for digital media plays like CNET, Last.FM and others, knowing that Sumner was eager to get into new media. But now MySpace goes down as an example of a deal gone very wrong."

I suspect the same thing will happen to somebody that ponies up $50 billion for Facebook someday. These valuations are just insane.