Specific Media announced Wednesday that the company, in partnership with recording artist Justin Timberlake, will buy MySpace from News Corp. in hopes of revitalizing the ailing social networking site. The rumored price is around $35 million to $40 million, less than a tenth of the $580 million News Corp. paid for the social network in 2005. That was before Facebook grew and took the social networking crown for itself. Since then, MySpace users and profits have dropped significantly.
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News Corp. Sends the MySpace Band Packing
Posted by: Rachelle Dragani June 30, 2011 09:48 AMSpecific Media announced Wednesday that the company, in partnership with recording artist Justin Timberlake, will buy MySpace from News Corp. in hopes of revitalizing the ailing social networking site. The rumored price is around $35 million to $40 million, less than a tenth of the $580 million News Corp. paid for the social network in 2005. That was before Facebook grew and took the social networking crown for itself. Since then, MySpace users and profits have dropped significantly.