Once $580 million worth MySpace sold to Justin Timberlake for just $35 million

MySpace has been sold by News Corp for $35 million to an advertising company Specific Media along with the singer Justin Timberlake. It is just a fraction of what News Corp paid for the social networking giant in 2005. At that time MySpace was purchased for $580 million.

Specific Media which deals with digital advertising did not unveil financial details of the deal. The company said that Timberlake would take an ownership stake and serve a "major role" in developing a strategy for Myspace.

A source familiar with the transaction said the deal is worth $35 million and is a mix of cash and stock. News Corp will retain about 5 percent, the source said.

Additionally, more than half of Myspace's 500-strong workforce is expected to be laid off because of the sale, the source said.