Viacom not interested in bidding for Facebook

Viacom Inc. chairman Sumner Redstone has categorically said in a statement that they will not be going after Facebook for a possible acquisition deal. This is despite the fact that they lost out to News Corp. in the bidding for social marketing network MySpace.com.

He added that since that acquisition MySpace.com has now tripped in its market value. As per him, it is now worth close to around USD 1.5 billion dollars. News Corp. acquired MySpace.com for around $580 million.

Viacom once had an opportunity to get it for just around USD 500 million.

Redstone said that Facebook is way too expensive for what it offers. Recent rumors in the market claimed that Yahoo! is interested in Facebook.com for a possible price tag of around USD 1 billion.

He however declined to say anything on another much talked about online destination YouTube.com.

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