Friendster

As it became known, Facebook has purchased all of Friendster's social networking patents and patent applications for $40 million.

Such an acquisition might protect social networking giant from lawsuits or prepare it for an IPO.

Malaysian company MOL Global has bought popular Asian social networking site Friendster for an undisclosed sum. The long-expected sale has been in negotiation for months with speculation suggesting that the price tag was as high as $100 million.

Facebook and MySpace’s predecessor, Friendster, will be sold to an Asian listed firm for more than $100 million in a deal set to be announced by the end of the month.

It’s known Friendster, being founded in 2002, lost its positions in the US quickly. The social networking portal now mostly used in Asia where more than half of its registered 100 million users are from.

TechCrunch, an industry blog, valued Friendster at $210 million in July, while a fraction of Facebook's measured $10 billion valuation.