Justin Timberlake will be working with Specific Media, the ad company that purchased social networking website MySpace for $35m this week, to “rebuild and reinvigorate” it.  Timberlake invested in MySpace but the amount has not been disclosed.   The sale marks the end of a drawn out and disappointing venture for NewsCorp, which paid $580 million for MySpace 6 years ago, when it was a darling of the emerging social media universe.
Specific Media, a little known ad company that sells ads …

The reports that News Corp was aiming to close a sale of the ailing social network Myspace this week are true as various reports say that the company will be selling Myspace in a deal expected to be finalized today.
According to reports, the deal will be $35 million, a lot less than what News Corp patriarch Rupert Murdoch wanted for Myspace.
Reports last month said that News Corp’s Murdoch wanted at least $100 million for the ailing social network. His company bought Myspace for $580 million …

Call it being skeptical but the news has been heard before.
News Corp is again rumored to be on the verge of selling dethroned social networking site Myspace to cut losses in what has proven to be a bad investment.
According to The Associated Press and the Wall Street Journal, sources tell them that the company is aiming to complete a deal to sell Myspace to a yet to be named firm this week.
The AP, which cites an unnamed source which reportedly has knowledge of the deal, says that Myspace may …

MySpace is reportedly planning to cut a sizeable portion of its already downsized workforce of 400 employees, by another 150 employees, as NewsCorp prepares to sell the struggling social networking website.

myspace staff cut sale

Tech blog TechCrunch this week reported that MySpace will 150 employees are to be laid off and another 150 will be put on a transition plan that will allow them to look for work and continue to receive pay for a period of time.   TechCrunch said NewsCorp is very …

A new study from the Pew Research Institute reports that, while former social networking star MySpace is surely losing users, those that remain are more diverse and open-minded.

myspace open minded study

Lee Rainie, director of the Pew Internet Research project, explained that people that come back to use MySpace consistently are more ethnically diverse and do so because they are looking to interact with a “range of people and ideas.”  Rainie said: “Proportionally, the users of …

NewsCorp has been struggling to sell social networking website MySpace for perhaps as long as its user numbers have been dwindling, but sources with knowledge of the issue say that NewsCorp will get at least $100m for MySpace, and the sale will take place before the end of the second quarter, June 30th.

newscorp myspace sale

Sources close to negotiations say that NewsCorp has been purposely moving slowly through the acquisition process, providing very little financial data, in order to get …

A MySpace spokesman confirmed that MySpace Karaoke, a service that was introduced in 2008, has been discontinued, in line with a message that now appears on the feature’s home page: “Karaoke has been discontinued….If you have any questions, please contact us by clicking the “Contact MySpace” link on MySpace Help at http://www.myspace.com/help.

MySpace members who prepaid for the feature for service after June 15th will get a  refund.  The Karaoke feature, which let MySpace members …

Bobby Kotick, chief executive officer of the huge gaming company Activision Blizzard, is one of a group of investors that are closing in on finalizing talks to buy social networking website MySpace.  Activision is the entertainment software publisher best known for its ‘Call of Duty’ games.

Sources familiar with the process said Kotick, whose interest is personal and not related to Activision, was approached by the investor group over the last few weeks, and that if he did choose to …

News Corp may be successful in finding a bidder who will buy MySpace at the required price, but sources familiar with negotiations say it is more likely that a strategic partnership, rather than sale will be struck.  News Corp executives have been considering the partnership option for some time.

Bidders have been reviewing the financial details of the former social networking star since April when it began accepting bids.  Bidders have also been in talks with MySpace chief executive Mike …

MySpace’s Australia office has finally closed down with the departure of MySpace executives Nick Love and Rebekah Horne.  MySpace’s Australian affiliate has been operating with reduced staff since it was announced in January the workforce would be cut and advertizing and sales functions would be outsourced.

The Australian MySpace office was one of the company’s biggest non-U.S. outposts, with 30 employees in January 2011, but sources reported on Friday all will be let go, including …