News Corporation has sold its ailing social networking site MySpace to online advertising firm Specific Media. News Corp paid $580m (£361m) for MySpace in 2005, but users and advertisers left the site for rival social sites like Facebook and Twitter. The sale terms were not disclosed, but there were unconfirmed reports that price paid was as low as $35m. Specific Media said: "We look forward to combining our platforms to drive the next generation of digital innovation."
News Corporation has sold its ailing social networking site MySpace to online advertising firm Specific Media.
News Corp paid $580m (£361m) for MySpace in 2005, but users and advertisers left the site for rival social sites like Facebook and Twitter.
The sale terms were not disclosed, but there were unconfirmed reports that price paid was as low as $35m.
Specific Media said: "We look forward to combining our platforms to drive the next generation of digital innovation."
