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Rupert Murdoch’s News Corp. recently finally sold off MySpace, which they purchased in 2005 for $580 million, to Specific Media—along with Justin Timberlake, a partner in the deal—for about $35 million.
MySpace has been up for sale since last winter and is expected the earn just under $200 million this year, an amount that is much less than it’s $605 million annual earning peak in the mid-2000s. Despite its earnings, it currently is not certain whether or not News Corp. profited from the site while it was under their ownership.
Explaining his involvement in the site’s sale to Specific Media, Timberlake saying hat “fans can go to interact with their favorite entertainers, listen to music, watch videos, share and discover cool stuff and just connect.”
Timberlake will reportedly play a significant role on the development of MySpace and will serve as a direct owner of the site.
No terms about the sale were announced, nor were any plans revealed about how the site will change. However, a large portion of the site’s 400 employees were laid off shortly after the sale in Wednesday.