That $200MM figure came from MocoSpace, a "potential" buyer, not from MySpace. But I don't think MocoSpace's offer was more than an attempt to grab attention for itself, which means it was to their benefit to quote a large number.
If I put out a press release saying I'd like to buy Facebook for a trillion dollars -- you know, to impress a girl -- it wouldn't be fair to turn that into a claim that Facebook now thinks it's worth a trillion dollars.
I don't know their numbers, but doesn't it seem likely that 35 is less than 1x revenue?
[1] http://www.bloomberg.com/news/2011-02-04/news-corp-may-get-2...