News Corp. finally found a buyer for MySpace today, unloading the pioneering social network for a pittance compared to the $580 billion it spent to acquire MySpace in 2005.
Specific Media, an Irvine, Calif.-based company that sells ads online, took ownership of MySpace for a price that was not publicly announced but was widely reported to be about $35 million. That amounts to six pennies on the dollar of what News Corp. originally paid for MySpace.
Before Facebook took off, MySpace was the leading social network. It remains a highly trafficked site, especially for independent bands and with younger Internet users who create profiles on the site and like to share music. But its traffic has been declining sharply, along with its ad revenue.
The Wall Street Journal reported that Specific Media plans to build MySpace into a digital media network on par with popular portals such as Yahoo.