Thursday, June 30, 2011

MySpace is sold to Specific Media, Justin Timberlake for $35 million

News Corp. has sold the struggling social network MySpace to Specific Media
for about $35 million, after paying $580 million for the network in 2005.
Entertainer Justin Timberlake put up part of the money for the buyout and is
said to be taking a "major role" in the future of the network. MySpace was
the most popular social network until it was bested by Facebook two years
ago, but the network still has 35 million U.S. visitors per month, compared
with 157 million for Facebook.

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