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Myspace once used to be the top social networking website in the world, but then came along Facebook and well the rest is history. News corp which acquired the company back in 2005, for a whooping $580 million, has decided to cut its losses and sell the company to Specific Media, and advertising firm, for just $35 million. News corp would also receive a 5% stake in specific media.

In a memo released, CEO Mike Jones announced to his staff about the details of the sale, while also thanking them for their hard work, time and dedication over the past few years. The company’s revenue for this year is expected to be just more than $180 million well below its peak of $605 million. That just signifies how the company has fallen in recent years.

According to reports there is going to be a huge staff cut as about 50% of the site’s staff including Mike Jones, the CEO. Specific Media was not clear as to what was going to happen to the company, all their CEO Tim Venderhook would acknowledge was that the companies would combine their platforms. It is also rumored that the company plans to focus on just music.

What do you think about this sale, is it possible for My space to ever reach the heights it was once on before or is it little to late for that? Let us know below.

More details about the sale can be found here

Ehima Osazuwa

Ehima Osazuwa is a student who is currently enrolled in a 4 year program in the Engineering faculty of McMaster University. He attended Whitesands Secondary School in Nigeria and graduated in the year 2009. He decided to join the Technesstivity team because he has always been interested in various forms of technology. Aside from technology, he enjoys watching and playing sports

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