MySpace, the long-suffering website that the News Corp. bought six years ago for $580 million, was sold Wednesday to the advertising network Specific Media for roughly $35 million.
The company hasn’t selected from among several buyers yet, according to a person, who was not authorized to comment publicly and spoke on condition of anonymity. At least three bidders are still in the running — Specific Media, Golden Gate Capital and Austin Ventures. News Corp. is likely to lay off more than half of the MySpace staff to get the deal done.
LOS ANGELES (AP) — Struggling entertainment site MySpace said Tuesday that it is cutting nearly half of its staff worldwide, or about 500 people, after an extensive revamp in October overhauled its look and allowed it to be run with fewer people. Mike Jones, the chief executive of MySpace, said cuts are “tough but necessary” […]