MySpace still exists. Due to the amazing economy of the web, hosting and operation costs are so low these properties can, and should, live on forever.

This is why it always surprises me when a company kills off a site (eg, dejanews) claiming cost savings. Because pretty much anything can be marginally profitable given passive ad revenue.

I think the way these work is the properties are sold off to some holding company that just ads them to their portfolio of farm sites.