Former Facebook Rival MySpace Sold To Specific Media

Once a rival and competitor to Facebook, the downward spiral of MySpace is no longer the problem of News Corp., or its Chief Executive Offficer Mike Jones, following Wednesday's announcement that the social network was acquired by digital media outfit Specific Media.

Once a rival and competitor to Facebook, the downward spiral of Myspace is no longer the problem of News Corp., or its Chief Executive Offficer Mike Jones, following Wednesday’s announcement that the social network was acquired by digital media outfit Specific Media.

News Corp. paid $580 million for Myspace in 2005, and it was hoping to sell the site for $100 million, but the media giant settled for $35 million, AllThingsD reported.

Under terms of the deal, News Corp.

AW+

WORK SMARTER - LEARN, GROW AND BE INSPIRED.

Subscribe today!

To Read the Full Story Become an Adweek+ Subscriber

View Subscription Options

Already a member? Sign in