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April 13, 2011 01:06 am GMT
Back in 2008 MySpace was on a roll. They racked up $900 million in revenue and the company was still growing. But a year later top execs started to bail (the smart ones went early). Within two months cofounder and CEO Chris DeWolfe was gone.We've gotten a copy of the confidential MySpace pitch book that parent company News Corp. has distributed to potential buyers. Notably, that pitch book doesn't include any historical financial or user data about MySpace at all. Everything is projected out and forward looking, and even then it's bleak.Revenue for fiscal 2011, ending June 30, 2011, is expected to be just $109 million. Expenses for the year are projected to be $274 million, and the company will lose a whopping $165 million for the 12 month period. That's after massive waves of layoffs, although I expect much of the costs of the layoffs are included up front in 2011 expenses.
Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/XHdE0D0ZSzo/
Exclusive: The Bleak Financial Numbers From The MySpace Sale Pitch Book
Back in 2008 MySpace was on a roll. They racked up $900 million in revenue and the company was still growing. But a year later top execs started to bail (the smart ones went early). Within two months cofounder and CEO Chris DeWolfe was gone.We've gotten a copy of the confidential MySpace pitch book that parent company News Corp. has distributed to potential buyers. Notably, that pitch book doesn't include any historical financial or user data about MySpace at all. Everything is projected out and forward looking, and even then it's bleak.Revenue for fiscal 2011, ending June 30, 2011, is expected to be just $109 million. Expenses for the year are projected to be $274 million, and the company will lose a whopping $165 million for the 12 month period. That's after massive waves of layoffs, although I expect much of the costs of the layoffs are included up front in 2011 expenses.Original Link: http://feedproxy.google.com/~r/Techcrunch/~3/XHdE0D0ZSzo/
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