Deals
News Corp. Calls Quits on Myspace With Specific Media Sale
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News Corp. agreed to sell Myspace to Specific Media Inc. for a fraction of what it paid six years ago, ending its efforts to turn around the money-losing social networking business.
News Corp. will receive $35 million, including a 5 percent stake in Specific Media, according to a person with knowledge of the situation who wasn’t authorized to speak publicly. Specific Media announced the sale in a statement today, without providing the terms.