Murdoch Sells Myspace

Social network MySpace was sold for $35 million (€24 million) to a company that specializes in online advertising, Specific Media, advances the All Things Digital blog.

News Corp., held by Rupert Murdoch, who in 2005 bought the social network for $ 580 million (€ 403 million), still maintains a position of less than 5%.

Under the agreement, the singer and American actor Justin Timberlake, who holds an interest in Specific Media, also becomes an entrepreneur in the media area, a role that he played in the movie “The Social Network”.

Timberlake will have an office at the headquarters of MySpace and a staff of about a half dozen people working with him on developing ideas for the network, told the Associated Press, the general manager of Specific Media, Tim Vanderhook.

Specific Media expects, according to its general manager, to “revitalize” MySpace with the help of Timberlake.

There is need for a space where fans can interact with their favorite artists, listen to music, watch videos, share and discover cool stuff or just being connected

Said actor and singer in a statement, adding that MySpace has the potential to be this place.

This purchase will also mean a drastic reduction of costs, which affected about half of the people on MySpace, about 200 workers.

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