News Corp sells MySpace to Specific Media and Justin Timberlake

At this price, MySpace has 94 percent discount over the estimated $580 million News Corp paid to acquire the site in 2005.

Specific Media said that Timberlake — who happens to have played Facebook adviser and investor Sean Parker in the movie “The Social Network” — would take an ownership stake and serve a “major role” in developing a strategy for Myspace.

At its peak in 2008, Myspace attracted nearly 80 million people in the United States. But, by  2011, the number of U.S. visitors to Myspace fell to about 40 million while those visiting Facebook totaled about 150 million.