News Corp (NWSA.O) has sold social media site Myspace for about $35 million to online advertising company Specific Media, according to a source familiar with the transaction. The deal, announced on Wednesday, calls for News Corp to retain a minority stake in the website that it purchased six years ago for $580 million, the companies said. They did release detailed financial terms, but said the source that transaction is a mix of cash and stock with News Corp retaining about 5 percent. Additionally, more than 50 percent of Myspace's 500-strong workforce is expected to be laid off because of the sale, the source said.
News Corporation is a diversified global media company. Shares of NWSA traded higher by 1.43% or $0.245/share to $17.42. In the past year, the shares have traded as low as $11.61 and as high as $18.35. On average, 14788200 shares of NWSA exchange hands on a given day and today's volume is recorded at 15948191.
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