Media Congloms Find Mixed Results from Digital Buys

Financial Times: Media groups have a checkered record in their attempts at digital diversification. News Corp paid $580 million for MySpace in 2005. But Facebook began to eclipse MySpace just a few years later. In 2011, News Corp. sold the site for less than $35 million. A more successful purchase, according to analysts, may prove to be Time Warner’s 2012 buy of Bleacher Report for $175 million. The deal “is a positive example of a major media company having success in leveraging a digital media asset to drive digital growth and tap into young audiences.”