Like little stars.
News Corp. has sold struggling social networking site MySpace for $35 million, mostly in stock, according to a person familiar with the matter. The deal values MySpace at a fraction of what News Corp. paid for the site six years ago.
The sale to online advertising network operator Specific Media is expected to close later Wednesday, a day before the end of News Corp.’s fiscal year. News Corp. will maintain less than a 5 percent stake in the company.
The person was not authorized to speak publicly and spoke on condition of anonymity.
News Corp. bought MySpace for $580 million in 2005, but users and advertisers have fled the site for other hotter social networks like Facebook and Twitter.
Specific Media confirmed the acquisition but not the terms of the deal Wednesday.
“There are many synergies between our companies as we are both focused on enhancing digital media experiences by fueling connections with relevance and interest,” said Specific Media CEO Tim Vanderhook, in a statement. “We look forward to combining our platforms to drive the next generation of digital innovation.”
Specific Media, based in Irvine, Calif., was founded in 1999 by brothers Tim, Chris and Russell Vanderhook.
Like little stars.
World's best pie apple. Essential for Tarte Tatin. Has five prominent ribs.
So pretty. So early. So ephemeral. Tastes like strawberry candy (slightly).
My personal fave. Ultra-crisp. Graham cracker flavor. Should be famous. Isn't.
High flavored with notes of blood orange and allspice. Very rare.
Jefferson's favorite. The best all-purpose American apple.
New Hampshire's native son has a grizzled appearance and a strangely addictive curry flavor. Very, very rare.
Makes the best hard cider in America. Soon to be famous.
Freak seedling found in an Oregon field in the '60s has pink flesh and a fragrant strawberry snap. Makes a killer rose cider.
Ben Franklin's favorite. Queen Victoria's favorite. Only apple native to NYC.
Really does taste like pineapple.