Pocket Change for Myspace’s 50 Million Users

News Corp. will take stake in buyer Specific Media


Not a minute before New Corp.’s fiscal year-end deadline, Myspace has sold—finally—to Specific Media, an online ad network backed by private equity firm Francisco Partners. The deal values Myspace at $35 million, a 94 percent drop from the $580 million News Corp. put up for the company six years ago.

The deal ends a six-month sale process, as well as Myspace CEO Mike Jones’ two-year tenure with the company. In an internal memo acquired by TechCrunch, Jones, an entrepreneur and former AOL employee, said he’d depart after a two-month transition period.

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