News Corp. Sells MySpace, Loses $545 Million (PHOTOS)

With other popular social networks like Facebook taking over the web, it’s no surprise that MySpace became an afterthought and an "also-ran."

Announced today, News Corp. has officially sold MySpace to Specific Media, an advertising company, for $35 million in cash and stock. 

According to the New York Times, advertisers abandoned MySpace along with its users. News Corp. announced earlier this year that they were preparing to fire nearly half its staff in preparing to sell the media site.

Allegedly, News Corp was hoping to sell the site for $100 million – a far cry from the $580 million they spent back in 2005 when they bought the site from its original owners.

According to the LA Times, Specific Media wants to return the site to its roots as a place for music fans to discover new bands and songs.

Do you think MySpace can come back from the dead?