News Corp Bought Myspace for $580m, Now Selling it for $35m and 5% Stake in Specific Media

Finally, News Corp has finally seen a buyer for Myspace. The company agreed to sell Myspace which has been losing money  to an online advertising network called Specific Media. The company which paid $580m in 2005 for the social network company will get $35m and 5% stake in the buyer.

Specific Media is an innovative global interactive media company that enables advertisers to connect with consumers in meaningful, impactful and relevant ways.

In July 1999, Tim Vanderhook founded the company with his brothers, Chris and Russell. Through its superior technology and expansive reach, Specific Media soon began to play a major role in shaping the direction of the online advertising industry by enabling marketers to address advertising to specific consumer segments across the online world.

Today, the company is leading the next phase of the advertising evolution by being the first to integrate display, video, mobile and IPTV into a single unified platform. Specific Media makes addressable advertising a reality, working across formats and screens and delivering a comprehensive set of targeting technologies and measurement capabilities.

Specific Media is the partner of choice for brand advertisers, with a notable Fortune 500 advertiser base and a roster of name brand publisher partners. Headquartered in Irvine, CA, Specific Media currently has offices across the U.S. and Europe.

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