purchased the site for $580 million. Redstone believed that the failure to acquire MySpace contributed to the 20% drop in Viacom’s stock price in 2006 up to the date of Freston’s ouster. Freston's successor as CEO, Philippe Dauman, was quoted as saying “never, ever let another competitor beat us to the trophy”. Redstone told interviewer Charlie Rose that losing MySpace had been “humiliating,” adding, “MySpace was sitting there for the taking for $500 million.” Murdoch's company ended up selling Myspace, which had largely declined along with the rise of rival social networking website Facebook, in 2012; News Corp's sale price at the time was $35 million. Post-Viacom Freston is currently the principal of Firefly3 LLC, a consulting and investment company. In January 2015, he became a senior advisor to The Raine Group, a boutique merchant bank. Personal life In 1980, Freston married Margaret Ellen Badali. They had two children, Andrew (b.1985) and Gilbert (b. 1990). They later divorced. In 1998, Freston married Kathy Freston, a former model, self-help author, and health and wellness expert. They divorced in 2014. Bibliography References External links 1945 births 20th-century American businesspeople 21st-century American businesspeople American chief executives in the media industry American expatriates in Afghanistan American expatriates in India American television executives Businesspeople from Connecticut Living people New America (organization) New York University Stern School of Business alumni Paramount Global people People from Norwalk, Connecticut Saint Michael's College alumni