Myspace Sold For $35 million to Specific Media - Was Worth $580 Million in 2005
Digital media and advertising firm Specific Media has agreed to purchase the beleaguered social media website MySpace for roughly $35 million today. This means that it was sold for well less than the $580 million dollars paid by News Corp. back in 2005 for the same site. Back then the site was bought to help drive traffic to Fox's TV and media efforts. There is no word as to what Specific Media plans on doing with Myspace, but we do know that Myspace's staff of 400 will be cut in half.
“Myspace is a recognized leader that has pioneered the social media space. The company has transformed the ways in which audiences discover, consume and engage with content online,” said Tim Vanderhook, Specific Media CEO. “There are many synergies between our companies as we are both focused on enhancing digital media experiences by fueling connections with relevance and interest. We look forward to combining our platforms to drive the next generation of digital innovation.”