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Specific Media buys Myspace for $35 million, cutting staff by 50%

Updated Dec 19th, 2018 7:20PM EST

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According to AllThingsD Specific Media has acquired Myspace from News Corp. for $35 million. Reportedly, Myspace’s CEO, Mike Jones, will remain for “an interim period,” and the social network will lay off half of its staff, or about 200 people. Myspace, which has seen a sharp decline in traffic over the years since it was acquired by News Corp in 2005 for $580 million, announced in January that it was laying off 47% of its employees. News Corp. will maintain less than a 5% stake in the company.