/spandiv style="float:right;width:305px;display:inline;font-size:13px;font-weight:400;font-style:normal;line-height:16px;" img src="http://news.bbcimg.co.uk/media/images/50752000/jpg/_50752860_space.jpg" width="304" height="171" alt="MySpace's music homepage"span style="width:304px;"MySpace had been a leader in the social networking revolution /span /div div class="story-feature related narrow"Related Stories/div p class="introduction" id="story_continues_1"News Corporation has sold its ailing social networking site MySpace to online advertising firm Specific Media./p pNews Corp paid $580m (pound;361m) for MySpace in 2005, but users and advertisers left the site for rival social sites like Facebook and Twitter./p pThe sale terms were not disclosed, but there were unconfirmed reports that price paid was as low as $35m./p pSpecific Media said: "We look forward to combining our platforms to drive the next generation of digital innovation."/p pSpecific Media was founded in 1999 by three brothers - Tim, Chris and Russell Vanderhook - and is based in Irvine, California./p pMySpace was a leading social networking site when it was bought by Rupert Murdoch's News Corp./p pBut the business was eclipsed by rivals, and despite attempts to revive MySpace's fortunes the site has been a financial millstone./p pThe Reuters news agency cited a News Corp-owned blogging site as reporting that MySpace was sold for $35m./ppNews Corp's chief operating officer Chase Carey said in November that the losses at MySpace were "unsustainable"./p pAlthough News Corp does not publish specific results for MySpace in its accounts, the "other" segment, which includes the social network, reported a second quarter operating loss of $156m - $31m worse than a year earlier./p pAccording to tracking firm comScore, MySpace had 21.8 million unique monthly US visitors in August 2005 compared with Facebook's 8.3 million./p pIn May, Facebook's monthly US visitors had risen to 157.2 compared with MySpace's 34.9 million, comScore said. Facebook has nearly 700 million members worldwide./ppThis article is from the a href="http://news.bbc.co.uk" title="Link to BBC News"BBC News website/a. © British Broadcasting Corporation, The BBC is not responsible for the content of external internet sites./p pa href="http://feedads.g.doubleclick.net/~a/Yu_UQ87GVkQxiyr95lSE3Z3mxNI/0/da"img src="http://feedads.g.doubleclick.net/~a/Yu_UQ87GVkQxiyr95lSE3Z3mxNI/0/di" border="0" ismap="true"/img/abr/ a href="http://feedads.g.doubleclick.net/~a/Yu_UQ87GVkQxiyr95lSE3Z3mxNI/1/da"img src="http://feedads.g.doubleclick.net/~a/Yu_UQ87GVkQxiyr95lSE3Z3mxNI/1/di" border="0" ismap="true"/img/a/pimg src="http://feeds.feedburner.com/~r/BbcNewsTechnologyFullFeed/~4/HyjiKJ3_V_I" height="1" width="1"/