MYSPACE SOLD TO SPECIFIC MEDIA FOR $30 MILLION

The social networking site
Myspace has been sold to online advertising company Specific Media for
about $35 million. In an official press release by Myspace CEO Mike Jones
confirmed the
social networks’s sale to Specific .
Media Today, we are announcing
that Myspace will be
acquired by Specific Media,one of the world’s leading
online media and
advertising platforms. Over
the next few days you will be hearing from the team
at Specific, including their CEO, Tim Vanderhook,
regarding their exciting plans for Myspace and how
it fits in with the overall vision of their company.
2005, News Corp. Digital Media, owned by News Corporation bought Myspace for $580 million.
Myspace gained popularity the US in 2006 and retained its position throughout 2007 and 2008.
However, at the end of 2008, Facebook overtook Myspace and brought Myspace ranking down to 80 from 2. Currently, Myspace is ranked 85 in
the world according to the three-month Alexa trafficrankings.
In competition with
Facebook, Myspace
underwent a site redesign last year that intended to
help Gen Y users find a “broad array of programming, including originals,
exclusives, and content
from around the Web.” In February, News Corp.
had announced that it was willing to sell MySpace.
The company was
reportedly hoping to get at least $100 million out of
the sale, but failed to do so.
Mike Jones will be leaving the company and also confirmed that more than 50 per cent of Myspace’s workforce will be laid off due to the sale.