News Corp has sold MySpace for $35 million to Advertising company Specific Media and Emmy and Grammy winning artist Justin Timberlake.
This amount is a fraction of the cost at which News Corp at bought it for – a staggering $580 million!
With Facebook overtaking MySpace in the social networking space, MySpace started losing money. Even today although the social space is exploding, MySpace has less than half the unique visitors each month that it did when News Corp had acquired it.
Specific Media is based in Irvine, California and was founded by 3 brothers in 1991 – Tim, Chris and Russell Vanderhook.
Lets us see if this changes the fortunes at MySpace.