According to the Wall Street Journal News Corp. which bought MySpace.com for $580 Million in 2005, has just sold it to Specific Media, in a deal valuing the site between $30 million and $40 million, with News Corp. retaining a small stake.
According to the Journal, Specific Media helps marketers buy digital ads across the Web, online video, mobile and TV.
The company was founded in 1999 is based in Irvine, Calif and its owned by three brothers Tim, Chris and Russell Vanderhook.
MySpace.com just put out this press release:
“Specific Media, a digital media company, today announced it has acquired Myspace from News Corporation. ”
“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.”
“Myspace is a recognized leader that has pioneered the social media space. The company has transformed the ways in which audiences discover, consume and engage with content online,” said Tim Vanderhook, Specific Media CEO. “There are many synergies between our companies as we are both focused on enhancing digital media experiences by fueling connections with relevance and interest. We look forward to combining our platforms to drive the next generation of digital innovation.”
“Specific Media is an innovative global interactive media company that enables advertisers to connect with consumers in meaningful, impactful and relevant ways. Founded in 1999 by brothers Tim, Chris and Russell Vanderhook, Specific Media is currently headquartered in Irvine, CA and operates offices around the world.
Myspace, Inc. is a leading social entertainment destination powered by the passions of fans. Aimed at a Gen Y audience, Myspace drives social interaction by providing a highly personalized experience around entertainment and connecting people to the music, celebrities, TV, movies, and games that they love. These entertainment experiences are available through multiple platforms, including online, mobile devices, and offline events.
Myspace is also the home of Myspace Music, which offers an ever-growing catalogue of freely streamable audio and video content to users and provides major, independent, and unsigned artists alike with the tools to reach new audiences. The company is headquartered in Beverly Hills, CA. http://www.myspace.com/pressroom/
About Specific Media
Specific Media is a digital media company driving viewership for content owners, engagement for brands and relevance for consumers. With capabilities spanning original programming, cross-channel distribution and addressable advertising, the company connects audiences, content and brands, adding meaning to each touch-point. As people discover new ways to consume content, Specific Media creates impactful media experiences no matter where they are.”