MySpace has now been sold for a relatively paltry $35 million, according to details now trickling. The buyer isadvertising network Specific Media, according to several sources including the Wall Street Journal, though paperwork apparently has not been signed. A formal announcement – if it is issued – remains forthcoming.
Of course, that pales in comparison to the original purchase price of $580 million – in 2005 – and also well below the $100 million tag rumored to be sought by News Corp. Additionally, this appears to be an all-stock transaction, a huge testament to the cliff-dive that MySpace has experienced over the past few years.
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