2 Jul 2011

MySpace sold

3:19 pm on 2 July 2011

News Corporation has sold its ailing social networking site, MySpace, to the online advertising firm, Specific Media.

News Corp paid $US580 million for MySpace in 2005, but users and advertisers left the site for rival social sites such as Facebook and Twitter.

The sale terms haven't been disclosed, but there are unconfirmed reports that the price paid was as low as $US35m.

More than half of Myspace's 500-strong workforce is expected to be laid off because of the sale.