MySpace Sold for $35 Million

edwardquilo - June 29, 2011 03:17PM in General News

The troubled social networking site MySpace has reportedly completed its sale to Specific Media, an advertising network firm. Unfortunately, its owner News Corp didn't get its expected $100 million asking price, as the website was sold for roughly $35 million. A bargain price, considering the $580 million News Corp paid for it almost six years ago. Aside from Specific Media, private equity firm Golden Gate Capital was also in the running for acquiring MySpace. It was also rumored previously that MySpace co-founders Tom Anderson and Chris DeWolfe would bid at the last minute, to salvage what remains of a once-mighty Facebook competitor. With the sale finally completed, plans for MySpace Music could be the next step where its buyers are taking the website.