News Corp. (NWSA) unloaded Myspace to Specific Media on Wednesday for a reported $35 million, ending the media giants search for a buyer for the onetime social-networking darling.

The apparent price tag, which was reported by The Wall Street Journal, represents just a fraction of the $580 million that News Corp. paid for Myspace six years ago. It is also less than half the $100 million New York-based News Corp. had been asking for.

News Corp. is the parent of both the Journal and FOX Business.

The companies did not disclose financial details of the transaction, but they did say News Corp. will take a minority equity stake in Specific Media.

Myspace is a recognized leader that has pioneered the social media space. The company has transformed the ways in which audiences discover, consume and engage with content online, Specific Media CEO Tim Vanderhook said in a statement.

More than half of Myspaces 500 workers are expected to be laid off in the wake of the deal, the Journal reported. One of those job cuts appears to be Myspace CEO Mike Jones, who told the Journal he plans to immediately step down. Jones said he expects to maintain an advisory role until the end of August.

There are many synergies between our companies as we are both focused on enhancing digital media experiences by fueling connections with relevance and interest, Vanderhook said.

Headquartered in Irvine, Calif., Specific Media is an interactive media company that was founded in 1999.

Soon after News Corp. won a bidding war against Viacom (VIA) for Myspace, the social network was overtaken by Facebook, the industrys undisputed king. Facebook, which is run by Mark Zuckerberg, received a new investment this week that values the company at a whopping $70 billion, or roughly twice the size of eBay (EBAY).

Shares of News Corp. were up more than 1% Wednesday, leaving them up nearly 18% year-to-date.

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