Myspace Founder Chris DeWolfe Is Thinking About Buying It Back


Tencent, the huge Chinese social network which is the third biggest internet company in the world by market cap, is one company interested in taking Myspace off News Corp’s hands, according to a report by Reuters.

Other interested buyers include the current management team, co-founder Chris DeWolfe and Vevo, YouTube’s music video site.

Our advice to DeWolfe: Don’t do it! There’s very limited upside.

It’s interesting that Tencent would like to get a foothold in the US. If Tencent decides it has global ambitions, it could pose a bigger threat to Facebook than Google or Twitter or anyone else.

Myspace might not be the best way to do it, however, because the site’s traffic is completely imploding. That being said, MySpace CEO Mike Jones thinks there’s a future and, who knows, he might be right.

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