Justin Timberlake and Specific Media buy MySpace for $35m

Newscorp have long been know to be ready to sell the struggling site and the sale price was just 6% of the $580m (?360m) it paid for the then biggest name in social media in 2004 - and was well short of the $100m (?62m) it was reportedly looking for.

The staff of 400 at the site is expected to be halved as part of the deal. At its height, the company employed 1,400 people.

It is an ironic twist ...

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