News Corp. is in the process of selling once-popular social networking site MySpace to Specific Media, an Irvine-based ad network.
The cash and stock deal is reportedly valued at $35 million — a mere 6 percent of the $580 million News Corp. paid for the site in 2005 (although News Corp. claims it made back its investment earlier from a Google ad deal).
The one-time leading social networking destination, MySpace was decimated by the global popularity of Facebook.
Specific Media is expected to return MySpace to its music roots as a location to discover new bands and songs.
The sale comes in the same week that Google announces its own new networking service, designed to directly challenge Facebook for dominance in the space.
Facebook is presently valued at more than $70 billion.
News Corp. is in the process of selling once-popular social networking site MySpace to Specific Media, an Irvine-based ad network.
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