MySpace Acquired By Specific Media

Los Angeles-based MySpace, the once dominant social networking website, has been sold to Irvine-based Specific Media, the online advertising network, in a deal reportedly worth $35M. According to Specific Media, News Corporation will take a minority equity stake in Specific Media as part of the deal. As part of the buy, current MySpace CEO Mike Jones will be leaving the company after a transition period. The acquisition of MySpace has been rumored for months, as the site transitioned into a music- and celebrity-oriented site after failing to gain ground against Facebook.