29 Jun '11, 6pm

Breaking: MySpace.com Bought For $580 In Million in 2005, Sold Today For Between $30-$40 Million

According to the Wall Street Journal News Corp. which bought MySpace.com for $580 Million in 2005, has just sold it to Specific Media, in a deal valuing the site between $30 million and $40 million, with News Corp. retaining a small stake. According to the Journal, Specific Media helps marketers buy digital ads across the Web, online video, mobile and TV. The company was founded in 1999 is based in Irvine, Calif and its owned by three brothers Tim, Chris and Russell Vanderhook. MySpace.com just put out this press release: “Specific Media, a digital media company, today announced it has acquired Myspace from News Corporation. ” “As part of the agreement, News Corporation will take a minority equity stake in Specific Media.” “Additional terms of the agreement are confidential and will not be disclosed.” “Myspace is a recognized leader that has pioneered the social media spac...

Full article: http://www.thedomains.com/2011/06/29/breaking-myspace-com...

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News Corp. sells Myspace for $35 million

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