Facebook: $750 Mil in Hand Worth More than $2Bil in Sky
It came up conversationally, but I believe Im the only person at my company to have firsthand experience as a user of Facebook.com. It was kind of funny to have all these online advertising professionals asking me all about the website everybody used in college. Didnt they get the memo? Im new. I should be asking the questions around here. The subject of Facebook.com is an interesting one thats worth a closer look.
Without question 2005 was the year of MySpace. Before Rupert Murdochs $580 million social networking venture took the interactive world by storm, its difficult to believe that even the most optimistic of the billionaires lackeys would have predicted that new acquisition would more than quadruple its reach within a matter of months. With 23.5 billion page views by February, MySpace became the second most trafficked site on the Internet.
Murdochs success naturally generated buying interest in anything deemed online social networking. One proposed deal in March 2006, was Viacoms unsuccessful $750 million bid for Facebook.com, the phenomenon started by wunderkind Mark Zuckerberg. ...