News Corp finally sells MySpace

News Corporation has sold its ailing social networking site MySpace to online advertising firm Specific Media.

The Reuters news agency cited a News Corp-owned blogging site as reporting that MySpace was sold for $35m.

Specific Media said: "We look forward to combining our platforms to drive the next generation of digital innovation."

News Corp's chief operating officer Chase Carey said in November that the losses at MySpace were "unsustainable".

Although News Corp does not publish specific results for MySpace in its accounts, the "other" segment, which includes the social network, reported a second quarter operating loss of $156m – $31m worse than a year earlier.

According to tracking firm comScore, MySpace had 21.8 million unique monthly US visitors in August 2005 compared with Facebook's 8.3 million.

By May 2011, Facebook's monthly US visitors had risen to 157.2 million compared with MySpace's 34.9 million, comScore said. Facebook has nearly 700 million members worldwide.

Originally Published On: www.bbc.co.uk – Original Article Here