MySpace sold to Specific Media by Murdoch’s News Corp

Big news: my space was sold.  Hope it will be developed better and Hope we can visit international My Space after it was sold.

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Below is the full content from BBC news:

News Corporation has sold its ailing social networking site MySpace to online advertising firm Specific Media.

News Corp paid $580m (£361m) for MySpace in 2005, but users and advertisers left the site for rival social sites like Facebook and Twitter.

The sale terms were not disclosed, but there were unconfirmed reports that price paid was as low as $35m.

Pop star and actor Justin Timberlake will take a stake in the business, Specific Media said.

He will play “a major role in developing the creative direction and strategy for the company moving forward,” the company said.

Specific Media was founded in 1999 by three brothers – Tim, Chris and Russell Vanderhook – and is based in Irvine, California.

MySpace was a leading social networking site when it was bought by Rupert Murdoch’s News Corp.

But the business was eclipsed by rivals, and despite attempts to revive MySpace’s fortunes the site has been a financial millstone.

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