NEW YORK (Reuters) - News Corp has sold social media site Myspace for about $35 million to online advertising company Specific Media, according to a source familiar with the transaction. The deal, announced on Wednesday, calls for News Corp to retain a minority stake in the website that it purchased six years ago for $580 million, the companies said.
The sale of Myspace caps six years of ownership under Rupert Murdoch's News Corp, which swooped in to buy Myspace beating out rival Viacom for what was then one of the world's hottest social networking sites.
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