MySpace Sold to Ad Network for $35 Million

The day that the web has been buzzing about has finally come: MySpace has been sold, to an advertising network called Specific Media for a mere $35 million.

CEO Mike Jones will be leaving the company, and it seems that so will a good portion of the staff.

Says Jones in an email: “In conjunction with the deal, we are conducting a series of restructuring initiatives, including a significant reduction in our workforce. I will assist Specific with the transition over the next two months before departing my role as MySpace CEO.”

SEE ALSO: Justin Timberlake To Take Ownership Stake in MySpace

News Corp. declared it was ready to sell MySpace in an earnings call in February. The media company was reportedly hoping to get $100 million out of the sale.

In 2005, News Corp. bought the site for $580 million from its original owners, but MySpace’s traffic has plummeted in recent years. All Things Digital reported that News Corp. will still hold a 5% to 10% stake in the company.

Other reports this week indicated that close to 50% of the site’s staff could be cut after the sale, and it’s likely that any further iterations of the service will focus on music.

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