<p>Once a popular networking site, MySpace has been grappling with tough times especially with the emergence of the hugely popular Facebook.<br /><br />Digital media entity Specific Media would team up with Grammy-award winning singer Justin Timberlake to buy MySpace.<br /><br />Without disclsoing financial details, both News Corp and Specific Media announced the deal on Thursday.<br /><br />According to the website 'AllThings Digital', which is owned by News Corp, the social networking site was sold for about USD 35 million.<br /><br />The amount is way lower than USD 580 million paid by News Corp to acquire MySpace in 2005.<br /><br />"As part of the deal, Emmy and Grammy winning artist Justin Timberlake will also take an ownership stake and play a major role in developing the creative direction and strategy for the company (MySpace) moving forward," Specific Media said in a statement.<br /><br />Despite many attempts, News Corp could not revive the fortunes of MySpace amid increasing competition in the social networking space.<br /><br />Specific Media and Timberlake plan to evolve Myspace into a premiere digital destination for original shows, video content and music.<br /><br />"... I am excited to help revitalise Myspace by using its social media platform to bring artists and fans together in one community," Timberlake said.<br /><br />Following the deal, News Corp would take a minority equity stake in Specific Media.<br />As per 'AllThings Digital', the deal includes a halving of Myspace's staff of 400, as well as other cost cuts.</p>
<p>Once a popular networking site, MySpace has been grappling with tough times especially with the emergence of the hugely popular Facebook.<br /><br />Digital media entity Specific Media would team up with Grammy-award winning singer Justin Timberlake to buy MySpace.<br /><br />Without disclsoing financial details, both News Corp and Specific Media announced the deal on Thursday.<br /><br />According to the website 'AllThings Digital', which is owned by News Corp, the social networking site was sold for about USD 35 million.<br /><br />The amount is way lower than USD 580 million paid by News Corp to acquire MySpace in 2005.<br /><br />"As part of the deal, Emmy and Grammy winning artist Justin Timberlake will also take an ownership stake and play a major role in developing the creative direction and strategy for the company (MySpace) moving forward," Specific Media said in a statement.<br /><br />Despite many attempts, News Corp could not revive the fortunes of MySpace amid increasing competition in the social networking space.<br /><br />Specific Media and Timberlake plan to evolve Myspace into a premiere digital destination for original shows, video content and music.<br /><br />"... I am excited to help revitalise Myspace by using its social media platform to bring artists and fans together in one community," Timberlake said.<br /><br />Following the deal, News Corp would take a minority equity stake in Specific Media.<br />As per 'AllThings Digital', the deal includes a halving of Myspace's staff of 400, as well as other cost cuts.</p>