This is one news everyone knew was coming. News Corporation has finally cut the umbilical cord with its non-performing social networking service, MySpace. The service that was bought for a whopping $580 million by the media tycoon, Rupert Murdoch, of News Corporation, was sold off for approximately $35 million to the advertising network, Specific Media.

Fell down, fighting!

Fell down, fighting!

According to reports on The New York Times, the company was visibly relieved after the deal came through. Understandably so, pitted against the likes of LinkedIn, and Zynga, MySpace had lost the battle, almost as soon as it began. The story since the past few years only remained that of a difficult survival. Although the nitty-gritties of the deal weren’t revealed, it has been learned that former owner, News Corporation will still retain a minority stake in the company.

Interestingly, Justin Timberlake, the youth heartthrob will partly own MySpace and actively be a part of the site’s future, stated Specific Media.

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