In a post a couple of months ago I commented on the potential sale of MySpace. It had been reported that the social network could have been sold for up to $100 million I said at the time that this was an extremely optimistic valuation of a company that is basically dead in the water. It has now become clear that the markets agreed and MySpace has been sold for $35 million, that is still a large amount to pay for the network but it is far more realistic than $100 million.

The buyer was Ad Network it is a company that connects advertisers to websites. They clearly have the means to push advertisment to the site but the value of that is limited by the user base that they have. It is reported that the site will focus completely on music rather than communication and sharing.

I will keep my eye on any developments but I think we will be hearing less and less from the former giant of the web.