MySpace Sold To Specific Media For $35 Million

Myspace CEO Mike Jones just sent out a mass internal email and further the press release confirming the company's sale to Specific Media as on June 29th morning.AllThingsDigital's Kara Swisher reports that the final sale price for MySpace turned out to be $35 million which's slightly higher than previous estimates of between $20 million to […]

Myspace CEO Mike Jones just sent out a mass internal email and further the press release confirming the company's sale to Specific Media as on June 29th morning.

AllThingsDigital's Kara Swisher reports that the final sale price for MySpace turned out to be $35 million which's slightly higher than previous estimates of between $20 million to $30 million. However it's still well below the $100 million price tag that News Corporation was reportedly looking for at one point.

News Corporation bought the once high flying MySpace for a whopping $580 million in 2005. However, Myspace has steadily lost influence and value as Facebook's "one graph to rule them all" campaign grew to dominate the space.

Also, a press release states that Justin Timberlake will also "play a major role in developing the creative direction and strategy for the company moving forward." While details of Specific Media and Timberlake's plans for MySpace will be revealed later this summer, Timberlake is quoted in the press release as saying, "There's a need for a place where fans can go to interact with their favorite entertainers, listen to music, watch videos, share and discover cool stuff and just connect. Myspace has the potential to be that place." In addition to becoming a destination for videos, music and "original shows", Specific Media states that MySpace will also "leverage the Myspace social networking infrastructure to deploy socially-activated advertising campaigns, enabling brands to turn their campaigns viral by allowing users to share their favorite ads with friends."

We've embedded Mike Jones internal e-mail as well as press release below: