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News Corporation will transfer MySpace with $ 35 million

Informed sources from ePathChina said on Tuesday that News Corp. intends to sell the Myspace to online advertising company Specific Media with 35 million in cash and stock prices, the two sides closely make an agreement.

The informed source from bulk wholesale electronics  ePathChina said, and Specific Media has not yet clinched the deal, News Corp. was still in negotiations with other bidders. Myspace is acquired by News Corp. with $ 580 million in 2005. In February this year, News Corp. COO Chase Carey said he hoped on at the end of the fiscal year to complete the sale of the Myspace deal, News Corp. then began to negotiate with potential buyers and intent to  sell Myspace with about $100 million.

News Group and Specific Media both declined to make comments on the issue. Specific Media was founded in 1999, it introduced the advertising network to deliver business information to the site in 2002. As information on Specific Media’s Web site, the company got  $ 100 million in 2007 from private equity firm Francisco Partners. The company had made many pen acquisitions, including a video site called Broadband Enterprises.

Informed sources from wholesale & drop ship electronics ePathChina, News Corp. are still in negotiations with private equity firms Golden Gate Capital and other bidders to prevent Specific Media at the last minute from going back. News Corp. ‘s technology blog AllThingsD reported earlier, in order to create the conditions of the transaction, Myspace may cut off half the staff. Myspace spokesman declined comment. Myspace CEO Mike Jones told employees in January of this year that News Corp. intends to spin-off or sell Myspace. Under the auspices of the Jones, Myspace was revised in October last year to focus on movies, TV shows and music to build multiple online communities.

News Group Digital department executive vice president Jack Kennedy was in charge of matters relating to the sale of Myspace, and commissioned a U.S. investment bank Allen & Co. to Contact with potential buyers. The gap between Myspace and its competitor Facebook is growing. According to market research firm Comscore statistics, as of May the number of Facebook users in the United States reached 157.2 million in the U.S. non-listed companies SharesPost Stock Exchange reached $ 71 billion valuation.

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