MySpace Sold for $35 Million

Myspace

Myspace

News Corp has officially sold MySpace to the advertising firm Specific Media for around $35 million. Six years ago, News Corp purchased MySpace for $580 million and quickly began to lose advertising revenue to Facebook’s popularity. Specific Media got quite the deal, as the forlorn social networking site is still expected to generate over $180 million in ad revenue this year. Read the full article at NYTimes.com

Author:

Shelly Palmer

Shelly Palmer is Fox 5 New York's On-air Tech Expert (WNYW-TV) and the host of Fox Television's monthly show Shelly Palmer Digital Living. He also hosts United Stations Radio Network's, Shelly Palmer Digital Living Daily, a daily syndicated radio report that features insightful commentary and a unique insiders take on the biggest stories in technology, media, and entertainment. He is Managing Director of Advanced Media Ventures Group, LLC an industry-leading advisory and business development firm and a member of the Executive Committee of the National Academy of Television Arts & Sciences (the organization that bestows the coveted Emmy® Awards).