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article imageNews Corp. sells MySpace to Specific Media for $35 million

By David Silverberg     Jun 29, 2011 in Internet
News Corp. is unloading its struggling social media hub to the largest online advertising networks in the U.S. for $35 million. The selling price is a far cry from the $580 million News Corp paid for MySpace in July 2005.
Specific Media is the new owner of MySpace, the once-popular social networking site now focusing on entertainment.
A press release from News Corp, acquired by AllThingsD, quotes Specific Media CEO Tim Vanderhook: "There are many synergies between our companies as we are both focused on enhancing digital media experiences by fueling connections with relevance and interest."
For several years, News Corp has been trying to shop MySpace to other suitors, asking for at least $100 million. Activision CEO Bobby Kotick was reportedly interested in the social network but the deal fell through for undisclosed reasons.
News Corp is unloading a site whose traffic has plummeted since its high point in 2006. The number of new unique users decreased 11 percent and its monthly pageviews is reported to be 18 million (partly thanks to Facebook stealing market share). In 2006, its monthly pageviews hovered close to 30 billion.
MySpace's new owner is among the largest online advertising networks in the U.S. and "helps marketers buy digital ads across the Web, online video, mobile and even the TV," the Wall Street Journal writes. Specific Media is based in Irvine, Calif., and has raised more than $110 million in funding.
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