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 in 2005.

According to a report from The Associated Press, Specific Media has confirmed today that it is closing a deal with News Corp for the Myspace sale.

However, the details about the terms of the sale were not divulged by the company.

Nonetheless, various media outlets report that the sale will be mostly made up of News Corp gaining a private stake at Specific Media. News Corp is also said to maintain a 5 percent stake at Myspace after it is sold.

Update: Here’s a funny and informative video about News Corp’s Myspace sale courtesy of our friends at Next Media Animation.

About Solon Harmony Dolor

A passion for technology and journalism makes this upcoming writer very interested in social media and technology news. Fresh from finishing an English and Journalism degree from the University of the Philippines Diliman, he aims to bring interesting news to our readers .