Beverly Hills, Calif. — MySpace was reportedly sold Wednesday for $35 million to advertising network Specific Media, according to an exclusive on the Wall Street Journal’s All Things D. News Corp., which bought MySpace for $580 million in 2005, will retain a very small stake.
News Corp. had hoped to get $100 million sale for the struggling company, which had been valued at $12 million in 2007 when discussions took place with Yahoo! for a possible merger.
Although the deal has not been officially signed, the deal includes cutting MySpace’s staff in half as well as other considerations.
http://tinyurl.com/3n6p3ar (Wall Street Journal)