News Corporation (ASX:NWS) has reportedly sold its struggling social network site MySpace for $US545 million less than the amount it paid for it in 2008.
The media company paid $US580 million for MySpace and its publications are today reporting that it has sold MySpace for $US35 million to online advertising firm Specific Media.
The final figure is significantly less that the $US100 million News Corp was believed to be targeting.
News Corp will reportedly retain less than a 5 per cent stake in MySpace when the sale is finalised later today.
News Corp’s publications say news of the sale was confirmed by a person familiar with the matter who was not authorised to speak publicly but spoke on condition of anonymity.
News Corp booked a net profit of just under $1.5 billion in the first half of its 2011 financial year.
