Specific Media has acquired Myspace from News Corporation

Digital media business Specific Media has acquired Myspace from News Corporation. As part of the agreement, News Corp will take a minority equity stake in Specific Media. Terms of the deal were not disclosed. However, it is being widely reported that News Corp sold Myspace for just $35 million in cash and equity. That’s a fraction of the $580 million that they paid to acquire the site six years ago when Myspace was the fifth-most-popular destination on the Internet, and well shy of its one-time $65 billion valuation.

“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.”

Specific Media is headquartered in Irvine, CA. It was founded in 1999 by brothers Tim, Chris and Russell Vanderhook.

As part of the deal, Emmy and Grammy winning artist Justin Timberlake will take an ownership stake and play a major role in developing the creative direction and strategy for the company moving forward. Specific Media and Timberlake plan to unveil their vision for the site in a press conference later this summer.

USA, Irvine, CA & Beverly Hills, CA

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