MySpace Sold to Ad Network for $35 Million

The day was animated web has finally arrived: MySpace was sold to an advertising network called Media specific for just $ 35 million. Mike Jones CEO leaves the company, and it seems that this will be a good staff. Jones said in an email: "In connection with the offering, we are conducting a series of restructuring initiatives, including a significant reduction in our workforce. I will help the specifics of the transition in the next two months before I left my role as CEO of MySpace. "

News Corp. said that MySpace was ready to sell in a call results in February. The media company reportedly hopes to receive $ 100 million from the sale.

In 2005, News Corp. bought the site for $ 580 million of its original owners, but the MySpace traffic has plummeted in recent years. All Things Digital reported that News Corp. will still have a 5% to 10% in the company.

Other reports this week said that nearly 50% of site staff may be cut after the sale, and it is likely that any iteration of the service will focus on music.