Myspace Sold for $35 Million

News Corp has seen enough of its once-mighty social network, Myspace, selling it for a paltry sum compared to what it paid for the website six years ago.

Specific Media, a group that includes actor-singer Justin Timberlake, acquired Myspace for $35 million or just about 6 percent of the $580 million News Corp paid for the website back in 2005. Current Myspace CEO Mike Jones confirmed the sale with an email, where he also announced that he will be leaving his post in two months.

“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,” Jones said in the email, according to Techcrunch.

The sale comes as Myspace continues to absorb losses amid the rise of new social media sites like Facebook, Twitter, and LinkedIn. According to Specific Media, Timberlake, who incidentally played Facebook president Sean Parker in “The Social Network, will play an active role in shaping the new Myspace.