29 Jun '11, 7pm

News Corp. sells Myspace for $35 million

News Corp. sells Myspace for $35 million

WASHINGTON: News Corp. sold Myspace on Wednesday for a fraction of its purchase price, bringing the curtain down on Rupert Murdoch's tie-up with a one-time social networking star that ended up being eclipsed by Facebook. Myspace, which was bought by News Corp. in 2005 for $580 million, was bought by Specific Media, a digital ad-targeting platform, which said financial terms were confidential. The News Corp.-owned technology blog All Things Digital put the purchase price at $35 million, however, and said the deal includes slashing about half of Myspace's staff of between 400 and 500 people. "Myspace is a recognized leader that has pioneered the social media space," Tim Vanderhook, chief executive of Irvine, California-based Specific Media said in a statement. "The company has transformed the ways in which audiences discover, consume and engage with content online," Vanderho...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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