Specific Media buys MySpace, already has one friend named Tom

Brian Heater
B. Heater|06.30.11

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To be honest, we weren't entirely surprised to hear rumors back in February that News Corp. was looking to hand off MySpace -- after all, most of the luster seems to have left the once-mighty social network, and Rupert Murdoch's time these days is pretty full running a media empire and saying things in an Australian accent. Word got out this week that the site has landed firmly in the hands of the broadly-named Specific Media, a digital ad network that apparently couldn't get together a cool $19.1 billion for the first-place Facebook. According to rumors, the company scored MySpace for the rock-bottom price of $35 million, a fraction of the $580 million its predecessor paid a half-dozen years ago. No word on whether Murdoch's electroclash band will continue to use the service to promote its gigs.
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