By Max Clarke

News Corp yesterday announced it had divested of Myspace for a figure purported to be $35 million- just 6% of the sum News Corp paid to acquired the ailing social network in 2009.

Myspace pioneered the online social network in the mid-2000s, dominating the US and global share of users until Facebook and Twitter began to claw away at Myspace’s lead.

Around 70 million still use Myspace, though plummeting advertising revenues have seen the company repeatedly cut headcount. This compares to the more than 500 million active users of Facebook.

Specific Media- a digital media company based in Los Angeles made the purchase, in addition to offering ‘minor’ equity stakes to News Corp.

“Myspace is a recognized leader that has pioneered the social media space. The company has transformed the ways in which audiences discover, consume and engage with content online,” said Tim Vanderhook, Specific Media CEO. “There are many synergies between our companies as we are both focused on enhancing digital media experiences by fueling connections with relevance and interest. We look forward to combining our platforms to drive the next generation of digital innovation.”

“There are many synergies between our companies as we are both focused on enhancing digital media experiences by fueling connections with relevance and interest. We look forward to combining our platforms to drive the next generation of digital innovation.”


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