MySpace had a big summer "coming out party" planned for itself, to prove that it was full of new energy . Investor Justin Timberlake was going to be there and everything! Sadly, the social network had to cancel this party, because it continues to die.
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.
Ad network Specific Media has raised $100 million from Francisco Partners, a private equity firm. Founded by three brothers eight years ago, Specific Media places ads on many sites including those of ABC, NBC, CBS, ESPN and Major League Baseball. The company is hoping to expand through acquisitions to hold off the…
