MySpace, the dominant social networking site of the pre-Facebook era, has been sold to the Orange County-based tech company Specific Media for $35 million in cash and stock. The social network was recently estimated by ComScore Digital Analytix to have around 35 million regular users as of May, so Specific essentially paid about $1 per user. MySpace has been bleeding active users in recent years, but peaked with 76.3 million users in October of 2008.
News Corp, which acquired MySpace in 2005 for $580 million, will retain a small stake in the company. The media conglomerate reportedly had hoped to sell the iconic social network for as much as $100 million.
According to the Los Angeles Times' anonymous source, Specific Media has plans to return MySpace to its roots as a hub for promoting and discovering new music.