Myspace Sold To Specific Media For $35 Million
Myspace CEO Mike Jones released a company-wide email and press release announcing the social network's sale to Specific Media.
\"Specific Media, a digital media company, today announced it has acquired Myspace from News Corporation,\" the release reads. \"As part of the agreement, News Corporation will take a minority equity stake in Specific Media. Additional terms of the agreement are confidential and will not be disclosed.\"
In his email, Jones confirmed earlier rumors that layoffs would occur at Myspace this week. Wrote Jones, \"In conjunction with the deal, we are conducting a series of restructuring initiatives, including a significant reduction in our workforce.\"
Visit TechCrunch to read the full release.
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