News Corp. Sells Myspace, Acquires Australian Parenting Blogs

Jun 30, 2011


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News Corp. announced that it has found a buyer for ailing social network Myspace. The network will be acquired by Specific Media, a digital media and advertising agency, for a rumored $35mil. The network was placed up for sale earlier this year by owner News Corp., which purchased the network in 2006 for approximately $580 million. As part of the deal, News Corp. has also taken a minority equity stake in Specific Media.

News Corporation's Australian division purchased a series of parenting blogs for an estimated $45m AU, which includes sites such as Birth.com.au and Kidspot.co.nz, Mums Say, and Baby and Kids Market. Kidspot was launched six years ago by founder Katie May, who is believed to still own roughly one-third of the business.

(www.newscorp.com)