Rupert Murdoch got a deal when he bought MySpace for $580 million, because the next social site to be bought will be Facebook but it’s going to go for over a billion dollars.
There were rumors a few weeks ago about Facebook going after another round of venture capital funding with a high 9 figure valuation attached to it, but I can’t imagine why they’d need any more money. Facebook is still a smaller company, and their corporate-sponsored groups and advertising pull in the megabucks (from what I’ve heard.) I’ve heard from a few sources close to the company that they recently turned down an acquisition offer that was close to or right at $1 billion, and BusinessWeek’s latest article on Facebook puts a $750 million number on that rumor so my sources were pretty accurate.