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| Version 0 | Version 1 |
|---|---|
| MySpace sold to Specific Media by Murdoch's News Corp | MySpace sold to Specific Media by Murdoch's News Corp |
| (40 minutes later) | |
| News Corporation has sold its ailing social networking site MySpace to online advertising firm Specific Media. | News Corporation has sold its ailing social networking site MySpace to online advertising firm Specific Media. |
| News Corp paid $580m (£361m) for MySpace in 2005, but users and advertisers left the site for rival social sites like Facebook and Twitter. | News Corp paid $580m (£361m) for MySpace in 2005, but users and advertisers left the site for rival social sites like Facebook and Twitter. |
| The sale terms were not disclosed, but there were unconfirmed reports that price paid was as low as $35m. | The sale terms were not disclosed, but there were unconfirmed reports that price paid was as low as $35m. |
| Specific Media said: "We look forward to combining our platforms to drive the next generation of digital innovation." | Specific Media said: "We look forward to combining our platforms to drive the next generation of digital innovation." |
| Specific Media was founded in 1999 by three brothers - Tim, Chris and Russell Vanderhook - and is based in Irvine, California. | Specific Media was founded in 1999 by three brothers - Tim, Chris and Russell Vanderhook - and is based in Irvine, California. |
| MySpace was a leading social networking site when it was bought by Rupert Murdoch's News Corp. | MySpace was a leading social networking site when it was bought by Rupert Murdoch's News Corp. |
| But the business was eclipsed by rivals, and despite attempts to revive MySpace's fortunes the site has been a financial millstone. | But the business was eclipsed by rivals, and despite attempts to revive MySpace's fortunes the site has been a financial millstone. |
| The Reuters news agency cited a News Corp-owned blogging site as reporting that MySpace was sold for $35m. | The Reuters news agency cited a News Corp-owned blogging site as reporting that MySpace was sold for $35m. |
| Losses | |
| News Corp's chief operating officer Chase Carey said in November that the losses at MySpace were "unsustainable". | |
| Although News Corp does not publish specific results for MySpace in its accounts, the "other" segment, which includes the social network, reported a second quarter operating loss of $156m - $31m worse than a year earlier. | |
| According to tracking firm comScore, MySpace had 21.8 million unique monthly US visitors in August 2005 compared with Facebook's 8.3 million. | |
| In May, Facebook's monthly US visitors had risen to 157.2 compared with MySpace's 34.9 million, comScore said. Facebook has nearly 700 million members worldwide. |