MySpace Sold to Specific

MYSPACE NOW THEIR SPACE: Previously dominant social network MySpace has been sold to Irvine-based ad network Specific Media for $35 million in cash and stock, with Justin Timberlake taking an ownership stake in the company. News Corp. acquired MySpace just six years ago for $580 million, and plans to retain a small stake in company. “There’s a need for a place where fans can go to interact with their favorite entertainers, listen to music, watch videos, share and discover cool stuff and just connect. MySpace has the potential to be that place,” Timberlake said in a statement. “Art is inspired by people and vice versa, so there’s a natural social component to entertainment.” Timberlake and Specific Media plan on focusing the site on the place to go for original shows, videos and music, while launching “socially activated advertising campaigns,” according to the statement. (6/29p)