News Corp. Said to Be Near Sale of Myspace to Specific Media

News Corp. is closing in on a sale of its Myspace social-networking website to Specific Media, the owner of an online advertising network, for about $35 million in cash and stock, said a person with knowledge of the process.

A deal with Specific Media, based in the Irvine, California, isn’t certain and New York-based News Corp. is still talking with other bidders, said the person, who wasn’t authorized to speak publicly. A transaction may be announced as early as today, the person said.