Aside from the fact that I don't have ~$500 million, there are 5 main reasons I would not buy MySpace.
1. It would be like buying a Ford Pinto. Everything started off just fine, but then things turned sour. The next variant of the Pinto, the Mercury Bobcat, didn't last long. Sounds familiar. Back before MySpace got diluted by spammers and annoying backgrounds, it was the place to be. When better looking and safer solutions came out, people began to abandon their MySpace account. Even re-branding and re-marketing couldn't save MySpace...sorry My______.
2. 47% of it's workforce was laid off this week. I doubt the price tag will drop 47% from it's last sale and I don't think that the other overhead is dropping enough to justify the cost.
3. It is not the next big thing. In the online world things that fail don't have an amazing resurgence after failure. Think of past search engines. Ask for example...when Ask Jeeves first came out most people really liked it. You could ask your computer questions in a normal way of speaking. It turns out the results just weren't good enough. Where is Ask today? They have tried re-branding, and yes they are still holding on by a thread, but ask around the office who actually uses Ask.com as their main search engine. You will not be surprised by the result...they will probably be exactly what you expected. Instead of hoping for a resurgence, I would invest in a new venture that has more potential.
4. It has turned into a pretty niche product. Probably the people that should by MySpace are the record labels. Bands have not abandoned MySpace like the everyday user. It is an easy website with easy updating of tour dates, pictures, merch and news. I am not saying that it's bad that it became such a niche product...in fact I think it is probably for the best. But, it does make the target audience of buyers smaller as it cannot be sold as a 'social network'.
5. News Corp stated that the 'financial losses are not acceptable or sustainable'. It's like saying, you should by my house, but at the rate it is deteriorating it will likely fall over in a few years.
These are my own personal opinions...and although I am not your target customer, I'm sure others are thinking the same thing.