MySpace Sold For $35M, Mostly In Stock

Source: AP / CBS News Los Angeles – News Corp. has sold struggling social networking site MySpace for a reported $35 million. The deal values MySpace at a fraction of what News Corp. paid for the site six years ago. The sale to online advertising network operator Specific Media is expected to close later Wednesday, a day before the end of News Corp.'s fiscal year. News Corp. will maintain less than a 5 percent stake in the company. The person [...]