Specific Media Acquires declining MySpace

(Ping! Zine Web Hosting Magazine) – MySpace, which has lost popularity in recent years has been sold to Specific Media, it was confirmed on Wednesday. The deal was reported to be for $35 million dollars. News Corp was My Space’s previous owner.

Meanwhile, pop star Justin Timberlake is also taking a stake in the social site. In a press release provided by Specific Media, Timberlake stated, “There’s a need for a place where fans can go to interact with their favorite entertainers, listen to music, watch videos, share and discover cool stuff and just connect. MySpace has the potential to be that place.”

In the same press release, Specific Media CEO Tim Vanderhook stated, “We’re thrilled about the opportunity to rebuild and reinvigorate MySpace.”

MySpace was founded in 2003 and quickly rose to prominence as the top social networking site. It was acquired by Rupert Murdoch’s News Corp in 2005 in a deal worth $580 million. However, the site’s popularity has decreased in recent years due to Facebook.

In other news, Google recently unveiled a new social networking site called Google+. The site is currently only available in limited testing capacity. However, it’s eventual full launch could set up a high profile rivalry with Facebook.