In 2005, Rupert Murdoch’s News Corp. bought the site for $580 million.
All Things Digital broke the story and later posted a memo that Myspace CEO Mike Jones sent it to employees about the deal. To wit:
Today, we are announcing that Myspace will be acquired by Specific Media, one of the world’s leading online media and advertising platforms. Over the next few days you will be hearing from the team at Specific, including their CEO, Tim Vanderhook, regarding their exciting plans for Myspace and how it fits in with the overall vision of their company.
In conjunction with the deal, we are conducting a series of restructuring initiatives, including a significant reduction in our workforce. I will assist Specific with the transition over the next two months before departing my role as Myspace CEO.
Pardon the interruption, but the memo just told employees to prepare for the exciting plans the company has in store—like layoffs. Very nice. Now, back to the memo: