News Corp takes $545 million hit in MySpace sale

Rupert Murdoch’s News Corp has, after months of speculation, offloaded the moribund social network to advertising firm Specific Media, with Justin Timberlake apparently an investor in the deal. News Corp bought MySpace in 2005 for $580 million; Murdoch paper The Wall Street Journal reports that the sale was completed for just $35 million. Half of MySpace’s 450 remaining staff have been let go as a result of the deal.