Closing another chapter on one of the Internet’s most iconic properties, Myspace has been sold to to Specific Media, an advertising network, for $35 million. Sources close to the situation said the deal is being completed today, although it has not been officially signed. Myspace’s owner, News Corp., will hold on to a very small stake of less than five percent.
From what I’m hearing it’s been a rocky morning at the social network, which was bought by Newscorp in 2005 for $580 million, as job cuts went deeper than expected . The most significant departure?
<img src="http://hypervocal.wpengine.netdna-cdn.com/wp-content/uploads/2011/06/myspace_logo01.gif" alt="" title="myspace_logo01" width="128" height="128" class="alignleft size-full wp-image-47804" /> Ahead of the news that MySpace has been sold to Specific Media for $35 million , a fraction of the $580 million that News Corp. paid for the site six years ago, I had a flurry of exchanges with some of my former MySpace colleagues about “what could’ve been.”
First look at the New MySpace promises changes in design -- embraces community knowledge and passion.
The onetime king of social networking plans to revamp its Web site beginning on Wednesday, narrowing its focus on entertainment for people 13 to 35 years of age, also known as Generation Y.
Things only seem to be getting worse for MySpace. Amid reports that the troubled social network is for sale by parent company News Corp., MySpace has just announced massive layoffs at the company.