Rupert Murdoch’s News Corporation has finally sold its ailing social networking site MySpace to online advertising firm Specific Media, with pop star and actor Justin Timberlake having a stake in the business and set to play a major role in developing the creative direction and strategy for the company.
News Corp paid $580m for MySpace in 2005, but users and advertisers left the site for rival social sites like Facebook and Twitter. Although the sales terms have not been disclosed, it is widely thought that the price paid for MySpace was a mere $35 million.