MySpace has been sold to ad network Specific Media for a reported $35 million. News Corp, which paid $580 million for MySpace in 2006, had hoped to get as much as $100 million for the struggling social network. Sources are reporting that MySpace will refocus on music, after failed attempts to broaden to a more general entertainment site. Musicians have been moving away from MySpace in recent months, and new owners will have to make drastic changes to reverse that trend.
50 Staff Cut & More:
The deal includes cutting half of Myspace's staff of 400 according to AllThjingsD. Myspace CEO Mike Jones confirmed that he will be leaving the company in a letter to employees today.
Specific Media is an online advertising company. Founded in 1999 by brothers Tim, Chris and Russell Vanderhook, Specific Media is headquartered in Irvine, CA.
50 Staff Cut & More:
The deal includes cutting half of Myspace's staff of 400 according to AllThjingsD. Myspace CEO Mike Jones confirmed that he will be leaving the company in a letter to employees today.
Specific Media is an online advertising company. Founded in 1999 by brothers Tim, Chris and Russell Vanderhook, Specific Media is headquartered in Irvine, CA.
