Digital ad network Specific Media announced today that they have acquired Myspace from News Corporation.
Terms of the agreement “are confidential and will not be disclosed,” meaning they’re not going to tell us nosy parkers how much (or how little) they paid for the the Beverly Hills-based social network. But an insider told the Wall Street Journal that the selling price was $35 million in stock and cash. So now News Corp. has a minority equity stake in Specific Media.
Tim Vanderhook, Specific Media CEO, said of the deal:
There are many synergies between our companies as we are both focused on enhancing digital media experiences by fueling connections with relevance and interest. We look forward to combining our platforms to drive the next generation of digital innovation.
Our two cents: Focus on Myspace music. It is by far the best aspect of the site.