Apparently it has got as far as a letter of intent, according to this article.
In comparison to the spectacular MySpace price tag, this looks dirt cheap - the end of the road for sky-high SNS valuations?? Particularly so, if you recall that Tribe raised $3m in February. Perhaps not. Apparently, the community / number of users isn't worth much, but the platform is.
Facebook might be ruing that rumoured offer of $750m.
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