All Things D reports that News Corp has sold MySpace to advertising network Specific Media for $35 million.
The price is well below the $100 million that News Corp. had been hoping for and a chasm away from its one-time billion valuation.
The deal includes a halfing of Myspace's staff of 400, as well as other cost cuts. It's likely Myspace CEO Mike Jones and other top staff will remain only for an interim period.
News Corp. bought Myspace for $580 in 2005, and made that back via a lucrative advertising deal with Google when the social networking site was flying high.