Myspace sold by Newscorp for $527M loss

Kara Swisher of All Things D reported today that Newscorp sold Myspace to Specific Media for $35M. Based on my back of the envelope NPV calculation that represents a loss for Newscorp of at least $527M. My assumptions:

• Newscorp acquired My Space for $580M in 2005 
• P&L to Newscorp was neutral over its 6 year tenure (a big assumption)
• Cost of Capital 5%

In related news, Sean Parker on why Myspace failed and how it could have been what Facebook is today.