SAN FRANCISCO — Myspace on Wednesday was sold to ad-targeting firm Specific Media for $35 million, a fraction of the $580 million that News Corp. paid for the once-highflying social network during its heyday in 2005.
As part of the long-rumored deal, Myspace CEO Mike Jones will depart. But there were no details on the rumored layoffs of half of Myspace’s 500 remaining workers, also believed to be part of the sale’s framework.
“There are many synergies between our companies as we are both focused on enhancing digital media experiences by fueling connections with relevance and interest,” Specific Media CEO Tim Vanderhook said in a statement. Justin Timberlake is among the new investors.