According to reports, MySpace has been sold by News Corp to advertising network Specific Media for an estimated $35 million. The total sum is apparently a mix of stock and cash, with News Corp holding on to about 5 per cent of MySpace. Unfortunately for MySpace staff, the move won't be a happy one. The deal between News Corp and Specific Media is reportedly contingent on MySpace cutting half of its 400 staff members, meaning that layoffs should come down hard by the end of this week. It's likely MySpace management, like CEO Mike Jones, will stay on for an interim period to help with the ... (view more)
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