MySpace Sold For Basically Nothing as Layoffs Begin

Rumors of MySpace selling for scrap were correct: The dying social network has been sold to the advertising network Specific Media for $35 million, according to All Things Digital. Remember, News Corp. paid $580 for the site in 2005.

According to the Wall Street Journal, Specific Media beat out former MySpace founders and other venture capitalists. What's their plan to make MySpace profitable? Maybe turn it into a niche social-networking site for puppetry enthusiasts or something.

Given that nobody uses MySpace any more, the people most affected by the sale will be the employees. The sale includes a halving of "more than half of its staff of about 500 people," reports the Journal. Rumors of layoffs have been swirling for days and a MySpace insider tells us that the cull is beginning today: "MySpace has called meetings at 10:30 am today for two different groups of people. Those who will stay and those who will be let go."

Previously:

MySpace To Be Sold for Scrap
MySpace Layoffs Rumored for This Week
Sad MySpace Has Just One Bidder