The Register is running a story about the founder of  MySpace has claimed that the sale of the business News Corp last year for $580m was an utter scandal and is demanding an investigation into the purchase. Brad Greenspan alleges that it was sold too cheaply. Last February, Greenspan filed a complaint against Intermix and VantagePoint Venture Partners in the Superior Court of California County of Los Angeles.

"one of the largest merger and acquisition scandals in US history," he said. 

"News Corp's valuation has increased by $12bn since the transaction occurred just one year ago, and there are several independent analysts today that agree that MySpace is worth tens of billions of dollars,"

Greenspan went on. "It is time everyone knew the truth about the 'hijacking' of MySpace and the individuals responsible for this eye-popping theft."

Greenspan says that executives believed at the time that the company could be worth $20bn but it was not disclosed to the shareholders.

On the other side of the fence, Newscorp had to say "It's unfortunate that Mr Greenspan continues to issue press releases complaining about a deal that many industry experts initially believed was a risk for News Corp to take," 

"We've strategically built this business since the acquisition and are just now beginning to realise real financial value. This is simply a case of sour grapes making for loud complaints."