Sold: MySpace goes to ad company for $35 mil

File photo of the MySpace logo through a man's reading glasses.

June 29, 2011 12:11:41 PM PDT
News Corp. has sold struggling social networking site MySpace for $35 million, according to a person familiar with the matter. The deal values MySpace at a fraction of what News Corp. paid for the site six years ago.

The sale to online advertising network operator Specific Media is expected to close later Wednesday, a day before the end of News Corp.'s fiscal year.

The person was not authorized to speak publicly and spoke on condition of anonymity.

News Corp. bought MySpace for $580 million in 2005, but users and advertisers have fled the site for other hotter social networks like Facebook and Twitter.