Myspace… Going once. Going twice. SOLD!

Yes, it is true… Myspace has finally been sold.

Yesterday (July 29th), NewsCorp bought Myspace from the original owners for $580 million in 2005. Due to the substantial decrease in users in the last few years, the company finally decided to cut it’s losses.

Although NewsCorp was expecting to sell Myspace for about $100 million, they settled for a mere $35 million bid by Specific Media, an advertising network.

There are no details as to what Specific Media plans to do with their new investment, but it is rumored that the company will be using it as just another outlet for it’s advertising inventory.

~ by bristolstudios on June 30, 2011.

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