News Corp sells Myspace for $35 Mil to online advertising company Specific Media

The deal, announced on today, calls for News Corp to retain a minority stake in the website that it purchased six years ago for $580 million, the companies said.

They did release detailed financial terms, but the source said that transaction is a mix of cash and stock with News Corp retaining about 5 percent.

Additionally, more than 50 percent of Myspace’s 500-strong workforce is expected to be laid off because of the sale, the source said.

That’s still a bargain!