News Corp makes $545m loss on Myspace

Finally sells ailing social network to ad-targeting firm Specific Media for $35m in cash and stock.

Myspace was acquired by News Corp for $580m six years ago, and seemed like the deal of the century for a short time. But then Facebook stole virtually all its users and all subsequent attempts to re-invent it failed.

Intriguingly, the relatively obscure Specific Media says it will work with actor/singer Justin Timberlake to "rebuild and reinvigorate" Myspace around celebs and entertainment. Timberlake is an investor in the new company.

Needless to say, Specific can also target ads at the site, which still claims to have 34.9m US users. These efforts will include new campaigns that can be shared between friends.

For all the new owner's big ideas, there were more job losses at Myspace after the deal went through. There are just over 200 staffers left. There were 1,400 at its height.

News Corp will no doubt be glad the sale is done; it's been dragging on for months. But it's yet another regrettable end to a new media investment.