Jerod Harris/Getty Images for MySpace
File: A general view of the atmosphere inside the Tron MySpace Party At Comic-Con 2010 San Diego on July 23, 2010 in San Diego.
News Corp. has sold struggling social networking site MySpace for $35 million, mostly in stock, according to a person familiar with the deal - a fraction of the $580 million News Corp. paid for MySpace in 2005. The buyer is Irvine-based online ad network operator Specific Media.
Users and advertisers have fled the site for other hotter social networks like Facebook and Twitter.
The sale is expected to close later Wednesday, a day before the end of News Corp.'s fiscal year. News Corp., the parent company of Fox, will maintain a stake in the company, but less than 5 percent.
The person was not authorized to speak publicly and spoke on condition of anonymity.
Specific Media confirmed the acquisition but not the terms of the deal Wednesday.
"There are many synergies between our companies as we are both focused on enhancing digital media experiences by fueling connections with relevance and interest," said Specific Media CEO Tim Vanderhook, in a statement. "We look forward to combining our platforms to drive the next generation of digital innovation."
Specific Media was founded in 1999 by brothers Tim, Chris and Russell Vanderhook.
Copyright 2011 The Associated Press.