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.