Murdoch sells MySpace for $35 million
News Corporation has sold MySpace to online advertising network Specific Media in a deal valued at $35 million, the Los Angeles Times reported on Wednesday.business Updated: Jun 30, 2011 21:01 IST
News Corporation has sold MySpace to online advertising network Specific Media in a deal valued at $35 million, the Los Angeles Times reported on Wednesday.
News Corp had acquired the once-dominant social-networking site for $580 million six years ago, before its user base and advertising revenue plunged amid the rise of Facebook.
The change in ownership signifies the start of a layoff process that was announced in January and will affect nearly half of MySpace’s 500 employees.
News Corp acquired MySpace in 2005 at a time when the site had 20 million users, a number that rose to more than 76 million in October 2008.
Now, however, MySpace has just 35 million users in the US, according to ComScore.
First Published: Jun 30, 2011 20:59 IST