Myspace was sold to Specific Media, an Orange County-based ad network, by News Corp for $35 million in cash and stock, much less than the $100 million it hoped to sell for.

The once dominant social network website which was valued at a bllion dollars was acquired in 2005 for $580 million by News Corp., but in recent years the website has been losing users and advertising revenue.

Myspace once had 76.3 million users and was a major hangout place for musicians and actors to interact with their fans. The website users dropped to 35 million in May.